Equities in Canada’s largest market moved higher midday Monday, powered by gains among energy shares after a provincial climate change plan was unveiled, even as large bank and insurer issues fell.
The S&P/TSX composite index grew 59.83 points to greet noon at 13,493.32
The Canadian dollar shed 0.11 cents at 74.79 cents U.S.
Power generation company TransAlta Corp shares surged 63 cents, or 11.6% to $6.08 after the Alberta government's move to phase out coal-fired generation by 2030, a timeline that it said would not "strand capital."
Uncertainty over the uncertainty of the future value of its coal assets in Alberta has hurt the stock price, according to officials with the company.
The Notley government in Alberta said on Sunday it will implement an economy-wide tax on carbon emissions in 2017.
Capital Power, which also operates in Alberta, fell $1.54, or 8.2%, to $17.22.
The overall energy group jumped as Encana Corp advanced 61 cents, or 5.9% to $10.92 and Suncor Energy added 31 cents, or 0.9%, to $36.91.
Shares in Manitoba Telecom Services advanced $1.42, or 5%, to $30.01 after it announced a deal to sell its Allstream national fiber-optic network.
Valeant Pharmaceuticals International was among the most influential gainers, rising $1.62, or 1.3%, to $122.68.
Among financials, Royal Bank of Canada slipped a penny $76.06 and Manulife Financial Corp gave up five cents, or 0.2%, to $21.82.
ON BAYSTREET
The TSX Venture Exchange took on 0.94 points to 521.59.
All but three of the 13 TSX subgroups were higher, as energy gushed 1.6%, while consumer staples and telecoms each gained 1%.
The three laggards were metals and mining, down 1.8%, industrials, off 0.2%, and health-care, retreating 0.04%.
ON WALLSTREET
U.S. stocks tried to hold slightly higher Monday as investors eyed oil prices and looked ahead to economic reports in the shortened Thanksgiving holiday week.
The Dow Jones industrial average dipped 10.18 points below breakeven to pause for lunch at 17,813.63. Home Depot contributed the most to gains in the index. Pfizer, Apple and Goldman Sachs weighed things down.
The S&P 500 gained 4.65 points to 2,093.82, for a 1.5% jump on the year.
The NASDAQ index grew 15.07 points to 5,119.98. The tech-heavy index is up 8% year-to-date.
Pfizer traded about 2% lower. Earlier, the stock briefly fell more than 3% in morning trade after announcing it will buy Allergan for about $160 billion U.S. in the biggest deal ever in the health sector.
The transaction will allow the New York-based drug giant to relocate to Ireland to cut its U.S. tax burden. Shares of Allergan briefly declined more than 3% in morning trade.
Materials were among the top advancers in the S&P 500, with Alcoa trading more than 5% higher as the top gainer in materials. Paul Singer's Elliott Management will disclose a 6.5% stake in Alcoa. Consumer staples and energy were also among the S&P 500 leaders.
In other corporate news, activist investor Carl Icahn said insurance giant American International Group is "too big to succeed" and should separate into three public companies. The stock was up more than 0.5% in morning trade.
In economic news Monday, the Chicago Fed National Activity Index was minus 0.04 in October, up from minus 0.29 in September.
Prices for 10-year U.S. Treasuries gained back lost ground, lowering yields to Friday’s 2.26%. Treasury prices and yields move in opposite directions.
Oil prices gained 30 cents a barrel to $42.20 U.S.
Gold prices fell $8.43 to $1,069.58 U.S. an ounce.
