Equities in Canada’s largest centre followed its counterparts throughout the world, and opened higher on Monday, after a truce between the United States and China on trade tariffs boosted sentiment.
The S&P/TSX Composite Index vaulted 124.24 points to begin Monday and a new week at 15,322.06.
The Canadian dollar regained 0.45 cents at 75.88 U.S.
Nutrien is set to auction its 23.8% share in Chile's SQM on Monday, the final step in completing the sale of a coveted stake in the world's number-two lithium producer to China's Tianqi.
Nutrien added 18 cents to $68.62.
Institutional Shareholder Services Inc has recommended shareholders to vote in favour of Detour Gold Corp's plans at the upcoming special shareholders meeting, giving the gold miner a boost in its proxy fight with activist investor Paulson & Co.
Detour shares triumphed 31 cents, or 3.1%, to $10.18.
The U.S. State Department will conduct another environmental review of the TransCanada Corp's long-pending Keystone XL oil pipeline, a U.S. official said on Friday, a move that could lead to additional delays of the project.
TransCanada gained six cents to $54.51.
In the economic docket, the headline seasonally-adjusted IHS Markit Canada Manufacturing Purchasing Managers’ Index registered 54.9 in November, up from 53.9 in October, to signal the sharpest improvement in business conditions since August.
ON BAYSTREET
The TSX Venture Exchange fell 0.43 points to begin Monday at 589.09
Eight of the 12 TSX subgroups were positive in the first hour of trade, as energy stocks gushed 5.1%, materials were 2% stronger and gold shone 1.1% brighter.
The three laggards were health-care, stepping back 1.5%, while communications slid 0.6%, and consumer staples dwindled 0.4%. Real-estate issued were unchanged early Monday.
ON WALLSTREET
U.S. stocks rose sharply after U.S. President Donald Trump and Chinese President Xi Jinping agreed to a 90-day ceasefire in the trade war that has weighed heavily on global stock markets for most of 2018.
The Dow Jones Industrial Average popped 301.13 points, or 1.2%, to begin the day, week and month at 25,839.59,
The S&P 500 acquired 27.86 points, or 1%, to 2,788.03 The NASDAQ gained 110.79 points, or 1.5%, to 7,441.33
Shares of General Motors jumped 3.7% and Ford and Tesla both added more than 2% after President Trump tweeted that China agreed to cut tariffs on U.S. cars sold into China.
Caterpillar rose 4.3% and Boeing jumped 5.2%. Chip stocks which have operations in China and a large amount of their sales in the country climbed with Micron and Nvidia each adding more than 2%.
Steel stocks also jumped, as shares of U.S. Steel and AK Steel traded more than 3% higher apiece.
The two leaders, who met for dinner on Saturday at the G-20 summit in Argentina, agreed to hold off on additional tariffs on each other's goods at the start of the New Year to allow for talks to continue. The U.S. agreed to leave tariffs on more than $200 billion worth of Chinese products at 10%.
If after 90 days the two countries are unable to reach an agreement, that rate will be raised to 25%, according to the White House. Trade negotiations will address forced technology transfer and intellectual property.
Prices for the benchmark for the 10-year U.S. Treasury slumped, raising yields to 3.02% from Friday’s 3%. Treasury prices and yields move in opposite directions.
Oil prices leaped $1.85 to $52.78 U.S. a barrel.
Gold prices tacked on $10.50 to $1,236.50 U.S. an ounce.
