Stocks in Canada’s largest marketplace sprinted ahead Monday, on higher oil prices and stronger than expected health-care performance.
The S&P/TSX Composite Index strengthened 91.59 points to close the session at 15,629.47
The Canadian dollar gained 0.4 cents to 73.32 cents U.S.
Health-care concerns led the pack Monday, as Canopy Growth Corporation picked up 11 cents, or 1.4%, to $8.25, while Valeant Pharmaceuticals hiked 73 cents, or 3.9%, to $19.33.
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.
Among energy companies, Canadian Natural Resources jumped 65 cents, or 1.5%, to $42.89, while Suncor Energy gained 40 cents to $43.85.
Among industrials, Bombardier moved ahead two cents to $2.14, while Canadian Pacific Railways zoomed $4.39, or 2.1%, to $217.49.
The financials group gained, as Toronto Dominion Bank was higher 57 cents to $63.67. Home Capital Group, which updated its liquidity and deposits status on Monday, came off its highs of the day to gain but three cents to $9.17.
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.
On the downside, news that Eldorado Gold announced it will buy Integra Gold sent Eldorado's shares down 39 cents, or 7.8% to $4.61, 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 11.45 points, or 1.4%, to 805.09
All of the 12 TSX subgroups were in the green Monday, as health-care was haler 1.9%, energy gushed 1.2%, and industrials roared ahead 0.9%.
Only gold missed the party, dulling in price 0.2%.
ON WALLSTREET
The S&P 500 and NASDAQ composite rose and hit record highs on Monday after a rise in tech and energy stocks.
The Dow Jones Industrials Average retained gains of 85.33 points by the closing bell to 20,981.94, as Cisco Systems' stock popped on the back of a massive cyberattack.
The Dow also received a boost from Johnson & Johnson, which rose nearly 3% after JPMorgan upgraded the stock.
The S&P 500 gained 11.42 points to 2,402.32, with materials leading advancers. Energy was also among the best performers after a sharp rise in crude prices.
The NASDAQ advanced 28.44 points to 6,149.67.
Other firms in the news include Home Depot, TJX Cos, Dick's Sporting Goods, Weibo, Red Robin Gourmet Burgers, Urban Outfitters, Jack in the Box, all of whom had come out or were to come out with earnings Monday.
In economic news, the National Association of Home Builders survey showed sentiment among home builders came in at 70 for May. Anything above 50 is considered positive sentiment. The index was at 58 in May of last year.
Meanwhile, the Empire State manufacturing index dropped to negative 1 in May from a print of 5.2 last month.
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 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 $1.04 at $48.88 U.S. a barrel
Gold prices picked up $2.80 at $1,230.50 U.S. an ounce.
