Equities in Toronto rose on Monday, led by energy companies, as sentiment was buoyed by signs of an interest rate reform in China that raised hopes that major economies would act to counter slowing economic growth.
The S&P/TSX Composite gained 125.74 points to greet noon at 16,275.53
The Canadian dollar lost 0.1 cents to 75.26 cents U.S.
The biggest percentage gainer on the TSX was Precision Drilling Corp, which jumped 14 cents, or 9.7%, to $1.59, after the company lowered its full-year capital expenditure plan.
Canadian Western Bank, which rose $1.54, or 5.3%, to $30.76, was the second biggest gainer on the main index.
OceanaGold tumbled 22 cents, or 6.8%, the most on the TSX, to $3.04, and the second biggest loser was Eldorado Gold, down two cents to $11.44.
ON BAYSTREET
The TSX Venture Exchange ducked 1.13 points to 569.30
All but two of 12 Toronto subgroups gained ground midday, with energy gaining 1.4%, while consumer discretionary was up 1.3%, and industrials ahead 1.1%.
The two laggards were health-care, off 0.7%, and gold, down 0.5%
ON WALLSTREET
Stocks rose sharply on Monday as Treasury yields rebounded, quelling fears of a possible recession. Equities also got a boost after the U.S. agreed to extend a temporary reprieve to Chinese telecom giant Huawei.
The Dow Jones Industrials popped 281.35 points, or 1.1%, to 26,167.36, led by Nike and Goldman Sachs
The S&P 500 gained 35.45 points, or 1.2%, to 2,924.13, as the energy and tech sectors outperformed.
The NASDAQ jumped 116 points, or 1.5%, to 8,012.98
The Wall Street Journal and Reuters reported the Commerce Department was preparing to extend a license for 90 days, which will allow Huawei to continue business with the U.S. companies to service existing customers. The current agreement is set to end on Monday.
Shares of chip makers rose on the reports. On Semiconductor added 3.6%, and AMD gained 1.2%. Micron Technology rose 2.1%.
Apple also advanced 2.5%, after CEO Tim Cook spoke with President Trump on Sunday, who said Cook made a "good case" that it would be hard for Apple to pay tariffs, when Samsung does not face the same level of duties given its manufacturing in South Korea.
Prices for the benchmark 10-year U.S. Treasury tumbled, lifting yields to 1.59% from Friday’s 1.56%. Treasury prices and yields move in opposite directions
Oil prices acquired 85 cents to $55.72 U.S. a barrel.
Gold prices faltered $13.20 to $1,511.40 U.S. an ounce.
