Canada's main stock index rose on Monday, as a slight recovery in oil prices helped boost the energy sector.
The S&P/TSX Composite Index rumbled ahead 94.09 points to open the day and the week at 15,010.78
The Canadian dollar forged ahead 0.12 cents at 75.56 U.S.
CIBC raised the target price on CAE to $29.00 from $27.00. CAE docked two cents to $26.62
RBC cut the price target on Valener to $21.00 from $22.00. Valener shares fought doggedly to gain seven cents to $20.02.
Also lifting the sentiment were gains in the technology sector. A 3% -- or $5.26-- gain in Shopify led the advancers. Shopify registered at $183.51.
Top percentage gainers on the TSX were shares of New Gold Inc, which jumped two cents, or 1.8%, to $1.11, followed by a gain of four cents, or 1.8%, to $2.25, in shares of Tamarack Valley Energy Inc.
Altagas fell 20 cents, or 1.3%, to $15.65, while shares of Enghouse Systems dropped 14 cents to $69.30
Analysts said competition for deposits among Canada's biggest banks is heating up for the first time since the global financial crisis, leading to higher funding costs that could crimp profit growth in their domestic businesses over the next two years.
ON BAYSTREET
The TSX Venture Exchange slumped 1.25 points to 600.90
All but two of the 12 subgroups were higher to start Monday, with energy sprinting 1.2%, while gold and information technology each acquired 1.1%.
The two laggards were utilities, down 0.2%, and health-care, off 0.01%.
ON WALLSTREET
U.S. stocks surged on Monday as shares of beaten-down tech shares rebounded after posting steep losses last week while retailers climbed on strong Black Friday sales.
The Dow Jones Industrial Average rebounded 362.4 points, or 1.5%, to 24,648.35
The S&P 500 regained 34.79 points, or 1.3%, to 2,667.35,
The NASDAQ restocked 106.13 points, or 1.5%, to 7,045.11
Shares of Facebook, Amazon, Apple, Netflix and Google-parent Alphabet all rose at least 1.5%, having dropped at least 3.6% last week, falling further into bear-market territory.
Facebook dropped amid further backlash for how the company handled the use its platform by Russian operatives to try to influence the U.S. presidential election. Apple plunged last week as investors worried the company's iPhone sales would slow down.
Monday's moves come after stocks suffered their worst Thanksgiving week since 2011 last week as a selloff in once-loved technology stocks and oil prices put traders into risk-off mode. On Friday alone, U.S. oil prices plunged about 8%
Politics will be in focus for investors this week, with the G-20 summit in Argentina and Brexit dominating headlines.
The meeting of the world's most powerful leaders will bring together U.S. President Donald Trump and Chinese President Xi Jinping, at a time of intense trade tensions between the two countries. Meanwhile, the U.K. has gained the backing of the European Union on its deal to withdraw from the soon-to-be 27-member bloc.
Prices for the benchmark for the 10-year U.S. Treasury were lower, raising yields to 3.07% from Friday’s 3.05%. Treasury prices and yields move in opposite directions
Oil prices hiked $1.66 to $52.08 U.S. a barrel.
Gold prices picked up 70 cents at $1,223.90 U.S. an ounce.
