Equity markets in Canada’s largest centre rose on Monday, boosted by the energy sector which climbed higher after a gain in oil prices.
The S&P/TSX Composite Index remained buoyant 58.72 points to approach noon at 16,373.14
The Canadian dollar surrendered 0.67 to 75.63 cents U.S.
Shares of Valeant Pharmaceuticals, with a 5.5% decline, was the biggest drag to the main index. U.S. health regulators declined to approve the drugmaker's lotion to treat plaque psoriasis, citing questions related to certain data.
Among stocks, the top gainer on the TSX was Canada Goose Holdings, which jumped 9.7% after brokerages raised their price targets on the stock.
Baytex Energy Corp fell 11.2%, the most on the TSX, after the oil and gas producer said it would buy rival Raging River Exploration Inc for about $2.8 billion.
Shares of Arizona Mining Inc gained 48% after Australia's South32 Ltd bid $1.3 billion to take full control of the company.
South Korea has suspended the sale of wheat and flour from Canada after the latter announced last week the discovery in mid-2017 of an unapproved genetically modified trait in Alberta.
ON BAYSTREET
The TSX Venture Exchange slid 2.83 points to 751.57
Eight of the 12 TSX subgroups were higher by noon, with energy vaulting 1.4%, information technology gaining 0.6%, and materials took on 0.4%.
The three laggards were health-care, subsiding 1.7%, utilities, down 0.4%, and telecoms off 0.2%.
Industrials were unchanged by noon hour ET.
ON WALLSTREET
Stocks traded lower on Monday amid lingering trade tensions between the U.S. and China, the two largest economies in the world.
The Dow Jones Industrials plummeted 152.17 points to pause for lunch at 24,938.31, off its lows of the morning, with Intel as the worst-performing stock in the index. The Dow was also on track to extend its losing streak to five days.
The S&P 500 lost 8.57 points to 2,771.09, with telecom lagging.
The NASDAQ retreated 30.62 points to 7,715.76
In corporate news, shares of Disney fell 1.5% after being downgraded by Pivotal Research Group analyst Brian Wieser. In a note, Wieser said its battle for key Twenty-First Century Fox assets has placed the company in an unwinnable situation.
Shares of Boeing capsized 0.7%, and Caterpillar fell 1.1%. The two companies are seen as bellwethers for global trade concerns given their large amounts of overseas business.
On Friday, President Donald Trump announced that the U.S. would inflict tariffs that would impact up to $50 billion worth of Chinese goods. According to Washington, the action comes "in light of China's theft of intellectual property and technology and its other unfair trade practices."
Consequently, the move triggered China to retaliate, with Beijing announcing its own selection of duties on U.S. goods. The Chinese State Council's commission on tariffs and customs stated that a 25% tariff would occur in early July on $34 billion of U.S. products.
Prices for the benchmark for the 10-year U.S. Treasury lost ground, raising yields back to Friday’s 2.93%. Treasury prices and yields move in opposite directions.
Oil prices recovered 17 cents to $65.23 U.S. a barrel.
Gold prices picked up $2.20 at $1,282.90 U.S. an ounce.
