Stocks in Toronto advanced on Monday as a gain in energy shares on climbing oil prices helped offset sluggish economic data from China.
The S&P/TSX composite index hiked 67.38 points to greet noon at 15,151.30
The Canadian dollar stayed positive 0.55 cents to 80.31 cents U.S.
The energy sector jumped, as it has in six of the past seven sessions, helped by a recent rebound in the oil price. The jump in crude has raised hopes that oil might have found a bottom, but some market experts urged caution.
Among shares of energy producers, Suncor Energy added 1.5% to $39.33, and Lightstream Resources jumped 4.2% to $1.74.
Financials rose as Bank of Nova Scotia was up 1.2% to $65.92, and Toronto-Dominion Bank gained 1.1%to $54.85.
Metals stocks took on some momentum as Teck Resources surged 2.9% to $18.60.
Economically speaking, Canada Mortgage and Housing Corporation reported this morning that housing starts rose to a seasonally-adjusted 187,276 in January, increasing 4.3% from December
ON BAYSTREET
The TSX Venture Exchange gained back 0.89 points to 694.33
All but four of the 14 Toronto subgroups were up midday, as energy advanced 1.8%, metals and mining were ahead 1.2%, and gold shone 1% brighter.
The four laggards were weighed by telecoms and real-estate, each falling 0.7%, while consumer staples sagged 0.5%.
ON WALLSTREET
U.S. stocks traded lower on Monday on continued concern about the Greece situation, while firming oil prices boosted the energy sector.
The Dow Jones Industrials dropped 47.49 points to break for lunch at 17,776.80, with McDonald's leading decliners and Caterpillar the greatest blue-chip advancer.
The S&P 500 dropped 2.72 points to 2,052.75, with health care the greatest laggard and energy leading four advancing sectors.
The NASDAQ index subtracted 3.19 points to 4,741.21.
The fast-food giant McDonald's reported global same-store sales shrank 1.8% last month, which was worse than analysts had been expecting. The stock fell more than 1% on the news.
Hasbro reported quarterly earnings of an adjusted $1.22 U.S. per share, beating estimates by one cent, with revenue slightly below forecasts. Hasbro said foreign exchange hurt fourth-quarter revenue by more than $75 million U.S. Separately, Hasbro raised its quarterly dividend to 46 cents per share from 43 cents U.S.
Masco earned an adjusted 24 cents per share for its latest quarter, four cents above estimates, with revenue slightly below Street forecasts. The maker of building products said it is benefiting from cost controls and better productivity.
CNA Financial, Lowes's largest subsidiary, reported a 10% fall in profit due to lower net written premiums.
Over the weekend, China reported that exports fell 3.3% in January from a year earlier, while imports slumped by 19.9%, both missing expectations by a wide margin, and resulting in a record monthly trade surplus of $60 billion U.S.
Greece's new leftist Prime Minister Alexis Tsipras said on Sunday in his election pledge that he would end the country's "cruel" austerity program and ruled out an extension of international bailout.
Starting Wednesday, Greek banks will not be able to use Greek government bonds as collateral in daily refinancing operations with the European Central Bank.
Shares on the Athens Stock Exchange tumbled about 5% on Monday.
Prices for 10-year U.S. Treasuries sagged, raising yields to Friday’s 1.94%. Treasury prices and yields move in opposite directions.
Oil prices gained $1.57 per barrel to $53.26 U.S.
Gold prices improved $5.50 an ounce to $1,240.10 U.S.
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