Canada's main stock index rose slightly on Monday, led by energy shares, as oil prices jumped on expectations of supply cuts and upbeat China factory data.
The TSX Composite Index moved up 17.04 points Friday from Thursday’s all-time high, to 17,057.24
The Canadian dollar dropped 0.06 to 75.21 cents U.S.
Zijin Mining Group, one of China's biggest gold miners, has signed an agreement to buy Canadian miner Continental Gold, saying the purchase would increase its gold reserves and boost cash flow and profit. Continental Gold rocketed 49 cents, or 10.1%, to $5.36.
Centerra Gold said on Sunday that two employees working at its Kumtor gold mine in Kyrgyzstan are missing following a "significant rock movement" at a waste rock dump.
Meantime, Scotiabank cut the rating on Centerra to sector perform. Centerra tumbled $2.61, or 23%, to $8.75.
Canaccord Genuity initiates coverage on Dundee Precious Metals with a buy rating. Dundee shares picked up seven cents, or 1.4%, to $5.14.
National Bank of Canada initiates coverage on Lassonde Industries with sector perform rating
On the economic calendar, Markit Canada’s Manufacturing Purchasing Managers Index for November increased to 51.4 from 51.2 in the previous month, but below market expectations of 52.6.
Markit’s latest reading pointed to the sharpest expansion in factory activity since February, as output advanced at the fastest pace in nine months amid strong domestic demand; and the job rate rose slightly.
ON BAYSTREET
The TSX Venture Exchange gained 2.36 points to begin the week and the month at 534.17
Seven of the 12 Toronto subgroups made headway, with health-care gaining 0.7%, while industrials and energy each jumped 0.3%.
The five laggards were co-weighed by gold, communications and utilities, each down 0.1%.
ON WALLSTREET
Stocks dipped on Monday, the first trading day of December, as investors digested the latest news on trade after capping a month that featured blistering gains.
The Dow Jones Industrials dropped 22.45 points to start Monday at 28,028.96
The S&P 500 fell 8.05 points to 3,132.92
The NASDAQ subtracted 45.22 points to 8,620.25
Communications services proved the worst-performing sector in the S&P 500, trading 0.6% lower. Walgreens and Visa lagged among Dow components, falling around 1% each.
Monday’s losses came after a strong performance in November. The major averages had their biggest monthly gains since June, rallying to record highs. The S&P 500 climbed 3.4% last month while the Dow advanced 3.7%. The NASDAQ rallied 4.5%.
Chinese state media reported Sunday that Beijing wants a cancellation of tariffs for a phase one trade deal. There is no clear indication of when both countries will be able to sign an agreement and last week saw fresh tension between Washington and Beijing after President Donald Trump signed legislation supporting protesters in Hong Kong.
Trump also said Monday he will restore tariffs on metal imports from Brazil and Argentina. In a tweet, he said: "Brazil and Argentina have been presiding over a massive devaluation of their currencies, which is not good for our farmers. Therefore, effective immediately, I will restore the Tariffs on all Steel & Aluminum that is shipped into the U.S. from those countries."
Prices for the 10-Year U.S. Treasury plummeted, raising yields to 1.85% from Wednesday’s 1.77%. Treasury prices and yields move in opposite directions.
Oil prices increased $1.33 at $56.50 U.S. a barrel.
Gold prices strengthened $8.30 to $1,464.40 U.S. an ounce.
