Stock issues in Toronto ballooned soon after Monday’s opening bell as higher oil and gold prices supported resource stocks, offsetting losses for the technology group.
The S&P/TSX Composite Index vaulted 109.14 points open Monday morning trading at 15,582.35.
The Canadian dollar climbed 0.37 cents to 74.38 cents U.S.
Among winning energy issues, Cenovus Energy triumphed 38 cents, or 3.4%, to $11.48, while Crescent Point Energy climbed 37 cents, or 3.2%, to $12.12.
Among health-care concerns, Canopy Growth jumped 14 cents, or 1.8%, to $7.98, while Aphria Inc. bettered itself by nine cents, or 1.7%, to $5.31.
TD Securities raised the rating on Hudbay Minerals to action list buy from buy. Hudbay gained 29 cents, or 3.9%, to $7.73.
TD Securities raises the rating on Russel Metals to buy from hold. Russel shares gathered 57 cents, or 2.4%, to $24.57.
CIBC cut the target price on Hudson's Bay Co. to $10.50 from $13.00. Bay shares tacked on 14 cents, or 1.5%, to $8.75.
ON BAYSTREET
The TSX Venture Exchange moved ahead 1.94 points to 793.14
All but two of the 12 TSX subgroups were higher in early trading, with energy gushing 1.8%, while health-care and consumer staples each rose 0.9%.
The two laggards were information technology, ducking 0.6%, and gold, slipping 0.3%.
ON WALLSTREET
U.S. stocks opened lower on Monday amid renewed pressure on technology stocks.
The Dow Jones Industrials were weaker 55.27 points at 21,216.70, with Apple contributing the most losses.
The S&P 500 subtracted 9.44 points to 2,422.33, with information technology dropping 1.7% to lead decliners.
The NASDAQ dropped 84.37 points, or 1.4%, to 6,123.54, with shares of Apple falling after Mizuho Securities downgraded the stock to neutral from buy. One Mizuho analyst said the best-case scenario is priced into the shares.
Other big tech stocks followed Apple lower, with Amazon and Alphabet shares sliding around half a percent. Netflix dropped 1.3%, and Facebook fell 0.9%.
In corporate news, General Electric CEO Jeff Immelt will be stepping down and John Flannery, current president and CEO of GE Healthcare, will take over as chief executive in August. The announcement sent GE shares more than 4% higher.
Investors also looked ahead to a key Federal Reserve meeting, where the U.S. central bank is widely expected to raise interest rates. Experts put market expectations for a rate hike at 95.8% Monday.
Prices for the benchmark 10-year Treasury note were unchanged, keeping yields at Friday’s 2.21%.
Oil prices took on 60 cents to $46.43 U.S. a barrel
Gold prices slumped two dollars at $1,269.40 U.S. an ounce.
