Stocks in Canada’s largest market moved higher Monday, powered largely by gains in the energy field.
The S&P/TSX Composite Index strode forward 70.04 points to close Monday at 15,652.08
The Canadian dollar dipped 0.1 cents at 73.03 cents U.S.
Energy stocks led the hit parade, as Suncor was up 63 cents, or 1.5%, at $43.24, while Encana Corp climbed 28 cents, or 1.9% to $15.25.
Telecoms were also strong Monday, as BCE advanced 20 cents to $62.31, while Rogers Communications picked up 24 cents to $62.95.
Gold issues were positive as Kinross Gold shares took on five cents each, or 1%, to $5.22, while Barrick Gold soared 22 cents, or 1%, to $22.28.
Health-care stocks took it on the chin, primarily Valeant Pharmaceuticals, off 38 cents, or 2.8%, to $13.36, while Canopy Growth collapsed 26 cents, or 2.9%, to $8.69.
Home Capital Group leaped 98 cents, or 16.8%, to $6.83. Canada's biggest non-bank lender, which also named three new directors to its board and a new chairwoman on Monday, has been hit by uncertainty after a securities regulator alleged earlier this year that executives hid mortgage broker fraud from investors.
In the economic docket, Canada Mortgage and Housing Corporation reported that the seasonally-adjusted annual rate of housing starts trended higher at 213,768 units in April, compared to 210,702 units in March
ON BAYSTREET
The TSX Venture Exchange lopped off 1.64 points to 780.08
All but two of the 12 TSX subgroups were positive on the day, as energy climbed 1.6%, while telecoms and gold were each 0.5% to the good.
The lone laggards were health-care, down 1%, while consumer staples settled 0.3%.
ON WALLSTREET
The NASDAQ composite and S&P 500 notched new all-time intraday and closing highs on Monday despite a narrow trading range as investors digested Emmanuel Macron's victory over Marine Le Pen in the French presidential election.
The Dow Jones Industrial Average fought its way higher 5.34 points to 21,012.28, with Apple contributing the most gains.
The S&P 500 eked up 0.09 to 2,399.38
The NASDAQ inched up 1.9 points to 6,102.66
In corporate news, Sinclair Broadcast will acquire Tribune Media for $3.9 billion, or $43.50 per share. The announcement sent Tribune's stock $2.11, or 5.2%,higher and Sinclair's 90 cents, or 2.4% lower.
Coach also agreed to buy Kate Spade for $2.4 billion, or $18.50 per share, in an effort to resonate more with younger consumers.
In total, there were more than $13 billion in announced U.S. mergers and acquisition deals Monday, according to one expert. However, he also said announced deal value for this year is down about 2% from 2016.
In U.S. economic news, St. Louis Federal Reserve President James Bullard and Cleveland Fed President Loretta Mester spoke before the open.
Mester — a known hawk in the Fed's policymaking committee — said in a speech: "We have met the maximum employment part of our mandate and inflation is nearing our 2% goal."
Wall Street also looked over key economic data out of China, as the country's exports and imports failed to meet expectations for April.
For his part, Macron cruised to win the French presidency, securing at least 65% of the vote. Investors across the globe largely expected this outcome as most polls projected the 39-year-old to win.
Prices for the benchmark 10-year Treasury note faded, raising yields to 2.38% from Friday’s 2.35%. Treasury prices and yields move in opposite directions.
Oil prices picked up 20 cents at $46.42 U.S. a barrel
Gold prices added 10 cents at $1,227.00 U.S. an ounce.
