Energy stocks powered a sharp surge in stocks to begin the last complete week of April, as investors expressed enthusiasm over stimulus measures in China.
The S&P/TSX composite index moved skyward 97.34 points to open the week at 15,457.89
The Canadian dollar faded 0.08 cents to 81.82 cents U.S.
Shareholders of Canadian Imperial Bank of Commerce said on Friday they will demonstrate their unhappiness with CIBC's executive pay structure at the lender's annual meeting next week. Commerce shares moved higher 71 cents to $96.70.
Barclays raised the price target on CGI Technologies to $61.00 from $55.00. CGI shares gained 45 cents to $55.61.
CIBC raised the target price on Savanna Energy Services Corp to $2.50 from $2.25. Savanna shares galloped 11 cents, or nearly 5%, to $2.33
Canaccord Genuity cut the price target on Torex Gold Resources Inc. to $1.60 from $1.80. Torex shares erased half a cent to $1.03.
ON BAYSTREET
The TSX Venture Exchange poked ahead 2.51 points to 705.36
All but two of the 14 Toronto subgroups were higher, with energy shares up 1%, while consumer discretionary and global base metal stocks each surging 0.9%.
The two laggards were gold, down 0.5%, and materials, off 0.2%.
ON WALLSTREET
U.S. stocks extended gains on Monday after opening sharply higher amid an unexpected stimulus from China's central bank as investors kept viewing corporate earnings.
The Dow Jones Industrials hurtled 213.77 points, or 1.2%, higher to 18,040.07, led by IBM and Chevron.
The S&P 500 index picked up 18.59 points to 2,099.77, with utilities and information technology leading all sectors.
The NASDAQ index gained 41.77 points to 4,972.98
Of the 59 S&P 500 companies that had reported by last week, 75% had topped profit expectations, above the 70% average for the last four quarters, according to Thompson Reuters. However, only 45% of companies beat revenues estimates, compared with 58% in the last four quarters.
Several companies posted quarterly earnings report Monday morning, including Morgan Stanley, Hasbro, Halliburton and SunTrust.
Morgan Stanley earned an adjusted 85 cents U.S. per share, beating estimates of 78 cents U.S., with revenue also above forecasts. Morgan Stanley's results were helped in part by better than expected performance in investment management and fixed income.
Hasbro reported quarterly profit of 21 cents U.S. per share, swamping estimates of eight cents, with revenue also beating forecasts by a wide margin despite the negative impact of the strong dollar. Hasbro saw particularly strong performance in its Transformers and pre-school units. The company's shares also hit an all-time high earlier in the session.
Halliburton also beat estimates by 12 cents U.S. with adjusted quarterly profit of 49 cents U.S. per share, with revenue scoring a slight beat as well. But Halliburton does say it expects the oil sector to remain "challenged".
SunTrust earned 78 cents U.S. per share for its latest quarter, six cents above estimates, with revenue essentially in line. SunTrust was helped by lower expenses, and growth in non-interest income.
On Sunday, China's central bank lowered the reserve requirement ratio for all banks by 100 basis points.
The wider-than-expected cut was the People's Bank of China's second reduction in two months, and marks a continuing effort by the world's second-largest economy to combat slowing growth.
Prices for 10-year U.S. Treasuries were static, keeping yields at Friday’s 1.87%.
Oil prices eked up 13 cents to $55.87 U.S.
Gold prices sank $7.40 to $1,195.70 U.S.
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