TORONTO — The Toronto stock market was little changed Monday as traders look to a heavy slate of earnings news in Canada and the U.S. coming out during the week.The S&P/TSX composite index dipped 2.92 points to 14,497.47. The Canadian dollar was down 0.12 of a cent to 90.68 cents US.U.S. indexes were positive with the Dow Jones industrials up 34.32 points to 16,442.86, the Nasdaq composite index was ahead 10.03 points to 4,105.54 while the S&P 500 index climbed 3.56 points to 1,868.41. On Monday, traders will look to results coming in after the close from Rogers Communications. Rogers acquired additional wireless spectrum during the January auction for $3.3 billion, which will be needed to allow consumers to stream NHL games on their mobile devices. Rogers scored a $5.2-billion multi-year deal for the national rights to all NHL games last fall and its shares climbed 31 cents to $44.58.Teck Resources also reports this week and its results will be impacted by falling commodity prices. Copper prices have tumbled 11% this year and coal prices have fared even worse, falling from US$300 a tonne in 2011 to about $120 a tonne. Teck shares slipped 21 cents to $24.10. Meanwhile, shareholders in Canadian Pacific will be looking to see if the railway’s results justify the 36% run-up in the stock price over the last 52 weeks. Traders will look to see how severe winter weather affected the railway in the quarter and how increased petroleum shipments have lifted the bottom line. CP shares were off five cents to $163.16.In the U.S., on Monday toymaker Hasbro reported earnings ex-items of 14 cents per share, four cents ahead of estimates. Revenue edged up two% to $679.5 million from $663.7 million, but missed Wall Street’s estimate of $690.1 million.The tech sector in particular will be in focus as traders take in earnings during the week from tech heavyweights including Amazon, Apple, Facebook, Microsoft and Netflix. The results are being released following a sharp correction in the tech sector that has seen the Nasdaq index drop about five% this month.Elsewhere on the corporate front, the U.S. government said Friday that it needs more time to prepare its recommendation to president Barack Obama on TransCanada’s Keystone XL pipeline. The southern leg of the Alberta-to-Texas pipeline is already completed, but the northern stretch that crosses the Canada-U.S. border requires a presidential permit. TransCanada shares fell $1.45 to $49.85.Junior wireless company Mobilicity says it has agreed to be purchased by Telus Corp. for $350 million. However, the sale is subject to regulatory approval. Telus has twice tried to buy struggling Mobilicity, but both times the deal was rejected by Industry Canada. This time, however, Mobilicity says it believes the deal will satisfy the federal agency’s criteria and will not affect competition in the Canadian wireless sector. Telus was up eight cents to $38.50.The gold sector was ahead 0.33% while June bullion fell $4.70 to US$1,289.20 an ounce.The energy sector edged up 0.1% as May crude in New York slipped four cents to US$104.26 a barrel.The metals and mining sector was the biggest decliner, down 0.4% while May copper was down a cent at US$3.04 a pound.
NRW Holdings, leading provider of civil and mining services to the resources sector in Australia, in joint venture with the Ngarluma and Yindjibarndi Foundation Ltd (NYFL) and Eastern Guruma Pty Ltd, has been awarded a contract worth approximately A$80 million for mining at Fortescue Metals Group (Fortescue’s) expansion project the Solomon Hub. NRW has also been awarded additional T155 port expansion works. The Solomon Hub is located to the west of Fortescue’s operational Chichester Hub. The contract consists of load and haul, and drill and blast, for the initial pre-strip with mobilisation to commence immediately. It is also expected that pioneering civil earthworks including access roads will be undertaken as part of the scope. The contract has an anticipated 18 month duration. This contract follows other successful NRW works carried out for Fortescue – including rail earthworks for the Christmas Creek and Cloudbreak mines; contract mining operations; bulk earthworks for, amongst other things, an Ore Processing Facility (OPF) and works at the Herb Elliott Port at Port Hedland as part of the T60 expansion.NRW Holdings CEO Jules Pemberton welcomed the decision, “Fortescue is a long term client of NRW’s and Solomon represents the next major phase of its growth – NRW is extremely proud and excited to be by their side once again.”NRW has been awarded a further A$112 million earthworks, concrete works, piling and track works contract at Fortescue’s Herb Elliott Port facility as part of the T155 Expansion. The scope of works to be undertaken in the ten month contract includes:Earthworks – consisting of 1.8 million m3 of cut to fill, 26,000 m3 of rock protection and 34, 000 m3 of road base in the stockyards and associated areasConcrete works – consisting of 9,000 m3 of structural concretePiling – 4,800 bored pilesTrack Works – consisting of 4 km of rail installation.Jules Pemberton said of this award. “NRW has worked consecutively on Fortescue projects since early 2007 and we are proud to be assisting Fortescue to achieving the planned T155 expansion as scheduled.”NRW has had a team on site at Herb Elliott Port since November 2010, undertaking the initial civil packages for the Early Works and the T60 Project. The original scope of works is scheduled to finish as the new contract scope commences. NRW workforce will peak at approximately 220 employees, with work to commence immediately.Further to the above, NRW Holdings is also pleased to report that its subsidiary, Action Drill & Blast, has been awarded a number of new contracts to a total value of A$14.6 million in the last quarter. Key projects include Greenbushes for Talison Lithium; Gregory Crinum for BMA; as well as additional works at Christmas Creek and South Middleback Ranges.