Equities in Canada’s biggest centre rose on Monday as heavyweight banking stocks bounced back from a recent slip and several industrial miners also gained as Chinese data showed surprising growth.
The S&P/TSX Composite Index climbed 86.71 points to move into noon hour Monday at 15,622.19
The Canadian dollar recovered 0.34 cents at 75.34 cents U.S.
The energy group climbed as oil prices recouped losses, with pipeline company Enbridge up 0.8% to $56.71 and Suncor Energy Inc adding 0.7% to $40.98.
The financials group gained, with Toronto-Dominion Bank up 0.9% to $65.46 and Bank of Nova Scotia adding 0.6% to $76.43. The group had sold off sharply last week, pressured by declining bond yields.
The most influential movers on the index also included Teck Resources, which rose 1% to $29.60, and Lundin Mining, up 1.4% to $7.44.
Gold miners weighed even as the precious metal hit a five-month high on rising geopolitical tensions, with Alamos Gold falling 2.8% to $10.64 and Goldcorp down 0.4% to $20.43.
The materials group, which includes precious and base metals miners and fertilizer companies, was little changed overall.
Marijuana stocks fell from last week's highs following the introduction of legislation to legalize its recreational use, with Canopy Growth down 1.7% at $9.76 and OrganiGram Holdings off 4.6% at $2.69.
ON BAYSTREET
The TSX Venture Exchange backtracked 1.43 points to 833.19
All but three of the 12 TSX subgroups gained ground soon after the opening bell, as energy took on 1.1%, consumer staples strengthened 0.9%, and consumer discretionaries picked up 0.7%.
The three laggards were health-care, off 0.5%, while gold listed lower 0.4%, and materials settled 0.1%.
ON WALLSTREET
U.S. equities rose on Monday as a weekend filled with geopolitical worries ended more calmly than investors expected, with the Dow Jones industrial average rising more than 100 points.
By noon, the Dow had rocketed 108.44 points to 20,561.69, Boeing and IBM having contributed the most gains on the 30-stock index.
The S&P 500 gained 11.54 points to 2,340.49, with real estate and industrials leading advancers.
The NASDAQ Composite improved 31.2 points to 5,836.35.
Meanwhile, earnings season was set to kick into full gear this week, with Goldman Sachs, Bank of America and eBay, among others, set to report this week. Netflix was also set to report Monday after the close.
Investors have high hopes for first-quarter earnings, with Wall Street expecting the best season since 2011. But it's the second-quarter guidance that has some experts worried.
One said that just six of the 29 S&P 500 components that had reported also raised their second-quarter estimates, while 18 lowered them.
Vice President Mike Pence said the "era of strategic patience" with North Korea was over.
Pence made the comments on the border between North and South Korea a day after North Korea's failed missile test. The Trump administration is working with China and its allies on a response to North Korea's missile program.
In economic news back home, the Empire State index hit 5.2 in April, well below the 16.4 print reached in March. The National Association of Home Builders/Wells Fargo Housing Market index hit 71 in March, a notable jump from 58 in March 2016. Anything above 50 on the index is considered positive sentiment.
Prices for the benchmark 10-year Treasury note were unchanged, keeping yields at Thursday’s 2.23%.
Oil prices fell 23 cents at $52.95 U.S. a barrel
Gold prices heightened $2.50 at $1,291.00 U.S. an ounce.
