Equities in Canada’s biggest market rose in early trade on Monday, as shares of major banks and energy companies perked up with higher bond yields and as oil prices headed for their strongest month this year.
The S&P/TSX Composite Index acquired 54.81 points to begin the week at 15,183.46
The Canadian dollar sprang up 0.37 cents to 80.04 cents U.S.
Precision Drilling Corp reported a smaller-than-expected quarterly loss, helped by higher oil prices that drove strong demand from North America and the Middle East. Precision shares acquired a penny to $3.78.
Canaccord Genuity raised the target price on Macdonald Dettwiler and Associates to $80.00 from $70.00. MDA shares progressed 72 cents, or 1.1%, to $69.61.
CIBC cut the price target on George Weston to $123.00 from $126.00. Weston shares improved 11 cents to $110.11.
Credit Suisse raised the target price on Norbord Inc. to $50.00 from $42.00. Norbord sprang up $1.56, or 3.7%, to $43.35.
On matters macroeconomic, Statistics Canada reported that its industrial product price index declined 1.0% in June, mainly due to lower prices for energy and petroleum products. The Raw Materials Price Index declined 3.7%, primarily due to lower prices for crude energy products.
ON BAYSTREET
The TSX Venture Exchange gained 1.18 points Monday to 773.75.
Seven of the 12 TSX subgroups were positive to start the day, with industrials up 0.5%, while financials and materials each up 0.4%.
The five laggards were weighed most by health-care, down 0.5%, energy, failing 0.4%, and utilities, off 0.04%.
ON WALLSTREET
U.S. equities kicked off Monday's session higher as Wall Street cheered on what's been a strong earnings season.
The Dow Jones Industrials hiked 59.1 points on Friday’s all-time high to 21,889.41, with Boeing contributing the most gains. Boeing shares rose 0.6% after announcing it expects a record number of aircraft orders from India. The announcement came about a week after posted better-than-expected quarterly results.
The S&P 500 moved up 0.48 points to 2,472.58, with consumer discretionary leading advancers.
The NASDAQ dropped 9.05 points to 6,374.68.
This earnings season has largely provided positive surprises for investors. In all, experts say, 73% of the S&P 500 companies that had reported as of Friday had topped estimates on both the top and bottom lines
Up on the earnings docket for this week are Apple, Mondelez, Yum Brands and Tesla, among others.
In other corporate news, Discovery Communications agreed to buy Scripps Networks for $14.6 billion in cash and stock, or $90 per share.
North Korea tested an intercontinental ballistic missile last week which landed in the Sea of Japan, raising concerns that more parts of the U.S. could be at risk of an attack. Meanwhile in Washington, the White House saw a major shake-up after John Kelly replaced Reince Priebus as President Trump's chief of staff.
In economic news, pending home sales data are due later this morning.
Prices for the benchmark 10-year Treasury note lost in value, raising yields to 2.3% from Friday’s 2.29%. Treasury prices and yields move in opposite directions.
Oil prices slid 36 cents to $49.35 U.S. a barrel
Gold prices dropped a dollar to $1,274.30 U.S. an ounce.
