Source: The Canadian Press

The Toronto stock market closed little changed Monday as commodity prices weakened and investors looked to the start of the second-quarter corporate earnings season for clues on how the U.S. economy is performing.

The S&P/TSX composite index snapped a four-session winning run to dip 4.69 points to 11,565.76, while the TSX Venture Exchange added 0.58 of a point to 1,370.13.

The Canadian dollar was down 0.35 of a cent at 96.39 cents US.

The base metals sector was the leading decliner, down 1.59% as the September copper contract on the New York Mercantile Exchange declined four cents to US$3.01 a pound. Teck Resources (TSX:TCK.B) lost $1.17 to C$34.43 while Thompson Creek Metals Co. (TSX:TCM) dipped 42 cents to C$9.81.

The TSX energy sector was down a slight 0.1% as the August crude contract on the Nymex dropped $1.14 to US$74.95 a barrel. Imperial Oil (TSX:IMO) gained 48 cents to C$39.30 while Canadian Oil Sands Trust (TSX:COS.UN) fell 45 cents to C$27.16.

Gold stocks were mixed as the August bullion contract in New York lost ground, falling $11.10 to US$1,198.70 an ounce. Goldcorp Inc. (TSX:G) advanced 32 cents to C$43.41 and Centerra Gold (TSX:CG) lost 11 cents to C$12.10.

The telecom sector was the lead advancer as BCE Inc. (TSX:BCE) gained 43 cents to $31.51.

The earnings season kicked off after the close with aluminum producer Alcoa Inc. releasing results. The company handed in earnings of 13 cents a share, a penny better than analysts expected.

“Everybody knows they’re going to be good because the second quarter of last year was probably the nadir of the recession in terms of corporate earnings,” said Gavin Graham, global strategist Excel Funds Management.

Graham added that it will be just as important for companies to offer a positive forecast for later in the year. “It’s what they say about the second half of the year (and) what the outlook might be because obviously everybody is worried about a double-dip recession.”

J.P. Morgan and Google report on Thursday and Bank of America, Citigroup and General Electric hand in results Friday.

Typically, Canadian quarterly earnings lag the U.S. by around three weeks.

New York markets were slightly higher with the Dow Jones industrial average ahead 18.24 points at 10,216.27.

The Nasdaq composite index added 1.91 points to 2,198.36 while the S&P 500 index ticked 0.79 of a point higher to 1,078.75.

Commodity prices backed off despite the release of robust Chinese trade figures. China’s customs agency said over the weekend that exports were up 35% in June from a year earlier despite concerns Europe’s debt crisis could hurt trade. Exports to Europe rose 36%.

In corporate news, shares in BP were up $2.71 at US$36.76 in New York as the company said it expects to attach a new, tighter cap to its leaking well in the Gulf of Mexico later in the day, although testing will be needed before it’s clear if the oil has stopped spilling into the Gulf.

The British oil giant also said it is in talks on the sale of company assets.

Shares in Alimentation Couche-Tard Inc. (TSX:ATD.B) rose 51 cents to $19.86 as the convenience store chain extended the deadline for its hostile takeover offer for Casey’s General Stores (Nasdaq:CASY) in the U.S. to Aug. 6. The Montreal-based company says 9.8 million or 19.2% of Casey’s shares had been tendered by the previous deadline on Friday.

Pengrowth Energy Trust is going after full control of Monterey Exploration Ltd. (TSX:MXL) in a deal that valued the Calgary-based oilpatch junior at about $375 million. Pengrowth (TSX:PGF.UN) currently owns more than 18% of Monterey, a gas explorer and developer in the Montney formation in the Groundbirch area of northeast British Columbia. Pengrowth units lost 67 cents to $9.61 while Monterey shares soared $3.46, or 80.84%, to $7.74.

Loblaw Co. (TSX:L) workers in Ontario have overwhelmingly voted to give their union authority to call a strike against Canada’s largest grocery chain if negotiations don’t improve after months of stalled talks. The parties have been in a legal strike or lockout position since Saturday. Negotiations are scheduled to resume next Monday and Loblaw shares slipped 18 cents to $39.80.

Playboy Enterprises says its iconic founder, Hugh Hefner, is offering to buy the remaining shares of his media empire in a deal that would take the company private. Hefner’s offer has drawn the promise of a competing bid from FriendFinder, the owner of archrival Penthouse magazine. Playboy shares rose $1.62, or 41.12%, to US$5.56. Hefner’s offer is US$5.50 a share.