Equities in Canada’s largest market rose on Monday as energy companies, helped by a jump in crude oil prices, led a broad rally.
The S&P/TSX Composite Index leaped 127.7 points to greet noon at 15,665.58
The Canadian dollar gained 0.3 cents to 73.22 cents U.S.
The price of oil surged to its strongest in more than three weeks on Monday after Saudi Arabia and Russia supported an extension on supply cuts into 2018.
Canadian Natural Resources was the most influential gainer on the index, rising 2.2% percent to $43.16, while Suncor Energy advanced 1.1% to $43.91.
The financials group gained, as Toronto Dominion Bank led the sector with a 0.7% advance to $63.52. Home Capital Group, which updated its liquidity and deposits status on Monday, bounced 6.2% to $9.71.
Over the weekend, Bank of Canada Governor Stephen Poloz told the Globe and Mail that the alternative lender's recent problems were contained. He said the potential impact of sharp gains in Canadian home prices was the central bank's primary concern.
Canadian National Railway climbed 1.2% to $102.86, to power the industrials group.
On the downside, news that Eldorado Gold announced it will buy Integra Gold sent Eldorado's shares down 8.4% to $4.58, tempering some of the materials group's gains.
On the economic front, the Canadian Real Estate Association reported that re-sales of Canadian homes fell 1.7% in April from record highs in March as new listings spiked. CREA said actual sales, not seasonally-adjusted, were down 7.5% from April 2016, while home prices were up
ON BAYSTREET
The TSX Venture Exchange spiked 12.05 points, or 1.5%, to 805.69
All 12 TSX subgroups were in the green midday Monday, as energy bolted 1.9% higher, health-care was haler 1.3%, and information technology clicked higher 0.9%.
ON WALLSTREET
The S&P 500 and NASDAQ composite hit fresh record highs on Monday as gains in large-cap tech and energy stocks lifted the indexes.
Investors also kept an eye on surging oil prices after comments from the Russian and Saudi energy ministers.
The Dow Jones Industrials Average retained gains of 71.22 points by midday to 20,967.83, with Johnson & Johnson contributing the most gains. Cisco Systems was the biggest advancer in the 30-stock index as cybersecurity stocks rose on the back of a massive cyberattack.
The S&P 500 gained 10.4 points to 2,401.30, with energy advancing more than 1% to lead advancers. Energy received a boost from rising oil prices.
The NASDAQ raised itself 23.18 points to 6,144.42. The technology sector took on about a third of a percentage point with Facebook and Alphabet gaining about half a percentage point.
On Friday, a "ransomware" virus dubbed WannaCry hit 200,000 in more than 100 countries. The virus locked up computers in car factories, hospitals and schools.
President Donald Trump ordered Homeland Security Adviser Tom Bossert to hold an emergency meeting Friday night to assess the threat posed by the attack
Meanwhile, North Korea said it tested a new type of missile that can carry a nuclear warhead. However, the U.S. military's Pacific Command said on Sunday the type of missile that was fired was "not consistent" with an intercontinental ballistic missile (ICBM) and South Korea's military played down the North's claim of technical progress on atmospheric re-entry.
Prices for the benchmark 10-year Treasury note fell, raising yields to 2.34% from Friday’s 2.33%. Treasury prices and yields move in opposite directions.
Oil prices gained $1.29 at $49.13 U.S. a barrel
Gold prices picked up $5.70 at $1,233.40 U.S. an ounce.
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