The Toronto stock market was slightly higher Monday as the onset of Hurricane Sandy on the Eastern Seaboard resulted in major U.S. exchanges cancelling trading for the day.

The S&P/TSX composite index gained 14.12 points to 12,314.82 while the TSX Venture Exchange declined 6.42 points to 1,294.41.

Meanwhile, the Canadian dollar is flirting with its first close below parity with the U.S. currency since early August.

The loonie was down 0.16 of a cent to 100.04 cents US after earlier dipping below US$1 earlier in the day.

The commodity-sensitive Canadian dollar has lost value lately amid growing pessimism about the global economic outlook, which has contributed to falling prices for oil and copper.

The operator of the New York Stock Exchange, NYSE Euronext, originally announced late Sunday afternoon trading could carry on through its electronic trading backup even though floor trading would be cancelled due to the storm.

But it said Monday morning that "the dangerous conditions developing as a result of Hurricane Sandy will make it extremely difficult to ensure the safety of our people and communities, and safety must be our first priority. We will work with the industry to determine the next steps in restoring trading as soon as the situation permits."

Lower parts of Manhattan around the Financial District are under mandatory evacuation order.

Trading on the NYSE was last closed for an emergency on Sept. 11, 2001, and last closed for a weather related event in 1985, for Hurricane Gloria. The Nasdaq will also close Monday and possibly Tuesday.