TSX Enjoys Gains Monday

Gold, Energy Stocks Prove Strongest

Markets in Canada’s largest centre remained positive Monday, as gold and energy issues let their colours fly.

The S&P/TSX Composite Index strengthened 62 points to close Monday at 15,516.23

The Canadian dollar dropped 0.22 cents to 80.78 cents U.S

Gold stocks proved the winner, as Kinross popped 15 cents, or 2.8%, to $5.38, while Goldcorp shone brighter 26 cents, or 1.6%, to $16.13.

The energy group climbed, with Pengrowth Energy gushing 32 cents, or 27.6%, to $1.48, while Pembina Pipeline Corp rising $1.46, or 3.5%, to $43.58

Oil rallied after major producers said the global market was on track towards re-balancing, while Turkey threatened to cut oil flows from Iraq’s Kurdish region.

Among utilities, Hydro One acquired three cents to $22.68, while Fortis Inc. gained 11 cents to $45.03.

Tech company were gloomy, as Shopify slumped $6.73, or 4.5%, to $141.72.

Industrials also proved a drag on the market, as Bombardier shares sank 10 cents, or 4.5%, to $2.13, off its lows of the day, on news that Siemens AG will likely choose French rival Alstom SA over the Canadian company in a multibillion-dollar rail merger.

Air Canada also had trouble getting off the ground, losing $1.92, or 7%, to 25.59. The Montreal-based plane and train maker is also awaiting a U.S. court ruling on a CSeries dumping complaint by Boeing Co.

ON BAYSTREET

The TSX Venture Exchange picked up 4.34 points to 782.44

Seven of the 12 TSX subgroups were positive by the final bell, with gold climbing 2.2%, energy going skyward 1.7%, and utilities better by 0.6%.

The five laggards were weighed most by information technology, doffing 1.1%, industrials weaker by 0.3%, and consumer discretionary stocks slipping 0.2%.

ON WALLSTREET

U.S. stocks closed lower Monday as declines in technology stocks offset gains in energy stocks.

The Dow Jones Industrials faltered 53.5 points Monday to 22,296.09, with Exxon Mobil and Chevron doing their best to lift the Dow

The S&P 500 deducted 5.56 points to 2,496.66. Information technology fell more than 1% as the greatest decliner in the S&P 500. Energy stocks rose more than 1 percent to lead advancers in the S&P 500.

The NASDAQ stumbled 56.33 points to finish at 6,370.59

Apple shares briefly fell more than 1%, tracking for a fourth straight day of losses. The stock fell 5% last week, its worst week in more than a year, after Friday's launch of the iPhone 8 and some other products in stores.

On Monday, Citi Research predicted lower than expected demand for the iPhone 8 and lowered earnings and sales estimates for Apple. The company did not immediately respond to a request for comment.

Facebook shares fell more than 4%. The social media giant dropped a proposal for the social media giant to issue a new class of shares that would have allowed CEO Mark Zuckerberg to keep voting control and fund the company's philanthropic efforts.

Other tech-related stocks also declined. Amazon.com traded more than 1% lower. Netflix fell more than 4.5%.

Stocks extended their losses, gold jumped and Treasury yields fell in late morning trade after North Korea's foreign minister Ri Yong Ho said U.S. President Donald Trump's latest comments amounted to declaring war on North Korea and that the rogue state has the right to shoot down strategic U.S. bombers even if they are not in North Korean airspace.

Later Monday, White House press secretary Sarah Huckabee Sanders said "we have not declared war on North Korea," calling the suggestion "absurd."

The Dallas Fed manufacturing index said its read on general business activity index rose in September to a seven-month high of 21.3.

Stocks opened lower after populists gained ground in a Sunday election in Germany and investors weighed the likelihood of another interest rate hike this year.

Prices for the benchmark 10-year Treasury note gained, lowering yields to 2.22% from Friday’s 2.26%. Treasury prices and yields move in opposite directions.

Oil prices gained $1.52 a barrel to $52.18 U.S.

Gold prices gained $16.10 to $1,313.60 U.S. an ounce