Stocks in Canada’s largest market experienced a sharp climb early Monday, as higher commodity prices supported energy and mining stocks, while financial sector stocks also advanced.
The S&P/TSX Composite Index tallied 118.36 points to open the day and the week at 13,515.09
The Canadian dollar jumped 0.48 cents to 77.46 cents U.S.
TransCanada Corp on Sunday said it had restarted the 590,000- barrel-per-day Keystone crude pipeline at reduced pressure after receiving U.S. approval.
TransCanada acquired 12 cents a share at $50.41.
National Bank Financial cut the rating on Alamos Gold to sector perform from outperform.
Alamos shares picked up five cents to $8.08.
Barclays cut the target price on Canadian Pacific Railway to $185.00 from $190.00. CP shares hiked $5.76, or 3.3%, to $181.07.
RBC raised the target price on Franco Nevada to $98.00 from $91.00. Franco Nevada climbed $1.71, or 2%, to $86.48.
ON BAYSTREET
The TSX Venture Exchange bolted higher 8.64 points, or 1.4%, to 612.56
All but two of the 13 TSX subgroups were higher in the day’s first hour, with metals and mining leaping 3.8%, gold sprouting 3.7%, and materials strengthening 2.6%
The two laggards were health-care, sliding 0.8%, and information technology, clicking lower 0.1%.
ON WALLSTREET
U.S. stocks traded higher Monday, following gains in European stocks and helped by a rise in oil prices, as investors awaited the beginning of earnings season.
The Dow Jones Industrials spiked 147.07 points to 17,724.03, with Goldman Sachs and Boeing contributing the most to gains.
The S&P 500 added 9.94 points to 2,057.54. Materials and financials rose more than 1% in mid-morning trade to lead S&P 500 advancers.
The NASDAQ index took on 43.82 points to 4,894.50.
Alcoa is set to kick off the first-quarter reporting season unofficially with its earnings after the close, while major banks such as JPMorgan Chase, Bank of America and Citigroup are all due to post results later in the week.
Prices for the 10-year Treasury faded, boosting yields to 1.75% from Thursday’s 1.72%. Treasury prices and yields move in opposite directions.
Oil prices gained 60 cents a barrel to $40.32 U.S.
Gold prices spiked $15.48 to $1,256.17 U.S. an ounce.
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