Canada's main stock index jumped on Monday, with Canadian Oil Sands catapulting 47% higher on Suncor Energy's hostile $4.3-billion bid for its rival and co-producer in the country's oil sands industry.
The S&P/TSX composite index soared 180.98 points, or 1.4%, to greet noon at 13,520.75
The Canadian dollar gained 0.39 cents at 75.41 cents U.S.
The push higher in Canadian Oil Sands stock - to $9.06, higher than the all-stock offer value of $8.84 a share - carried the overall energy group considerably higher
Suncor slipped 2.3% to $34.57.
Health-care slipped. Heavyweight Valeant Pharmaceuticals fell 7.8% to $220.96 amid heavy criticism of its pricing practices.
Other major energy gainers included Canadian Natural Resources Ltd, which rose 4.9% to $27.37, and Crescent Point Energy Corp advanced 4.8% to $17.33.
Banks were also propping up the index, with Toronto-Dominion Bank adding 1.2% to $52.25 and Bank of Nova Scotia advancing 1% to $57.77.
Investors will be sifting though the implications of the most sweeping trade liberalization pact in a generation, reached on Monday by Pacific trade ministers. The deal will cut trade barriers and set common standards for 12 countries.
ON BAYSTREET
The TSX Venture Exchange gained five points to 530.56
All but one of the 13 TSX subgroups were higher midday, as metals and mining stocks leaped 6.8%, energy gushing 3.6%, and materials up 3.2%.
The lone dissenter was in health-care, slumping 3.6%.
ON WALLSTREET
U.S. stocks traded about 1% higher Monday, attempting to extend a recent recovery from correction levels, as investors awaited earnings reports and digested implications from Friday's jobs report on the timing of a rate hike.
The Dow Jones industrial average popped 200.77 points, or 1.2%, to approach noon hour at 16,673.14, with IBM contributing the most to gains.
The S&P 500 moved higher 22.79 points, or 1.2%, to 1,974.15. Telecommunications rose more than 1.5% to lead all 10 sectors higher. Energy was among the top advancers as oil jumped more than 2%
The NASDAQ index improved 40.12 points to 4,747.90, swinging back into positive territory for 2015. The Dow and S&P remained in negative territory for the year so far.
Shares of Twitter spiked more than 5%, attempting to top its 50-day moving average of $27.85 U.S. a share, on news the social media firm named Jack Dorsey permanent CEO.
Trian, the $13-billion U.S. activist hedge fund run by Nelson Peltz, unveiled Monday a roughly $2.5-billion U.S. investment in General Electric. The stake is the largest in Trian's history and is being described as more supportive of the firm's management than many of the fund's other positions.
Third-quarter earnings season kicks off later in the week with PepsiCo, Alcoa and a few other companies reporting. Earnings are expected to decline 3.9% for the S&P 500, according to Thomson Reuters.
In Monday's earnings news, The Container Store is due to report after the bell.
On the economic front, ISM non-manufacturing came in at 56.9 for September.
The ISM manufacturing report last week showed softness in the manufacturing sector.
The final Markit PMI services index for September came in at 55.1, below August's 56.1 and the lowest read since June.
Prices for 10-year U.S. Treasuries lost ground, boosting yields to 2.03%, compared to Friday’s 1.96%. Treasury price and yields move in opposite directions.
Oil prices gained $1.27 a barrel to $46.81 U.S.
Gold prices faded $3.63 to $1,134.97 U.S. an ounce.
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