Equities in Canada’s largest market rose to a more-than-nine-month high on Monday as commodity price gains helped boost the index's heavyweight energy sector and base metal miners, although gold miners pulled back after last week's rally.
The S&P/TSX Composite Index gained 64.14 points to greet noon at 14,290.62, its highest reading since August 14 of last year.
The Canadian dollar eked forward 0.14 cents to 77.43 cents U.S.
The most influential gainers included Suncor Energy Inc, which rose 1.1% to $35.99, and Enbridge Inc, up 1.1% at $53.72.
First Quantum Minerals jumped 7.8% to $9.86, on completing the sale of a nickel, copper and platinum mine in Finland and refinanced a credit facility.
Teck Resources advanced 5.1% to $14.56 and Potash Corp gained 3.5% to $22.47.
Barrick Gold declined 2.2% to $24.27, Goldcorp lost 1.1% to $23.39, and royalty company Franco Nevada slipped 1.5% to $88.78
ON BAYSTREET
The TSX Venture Exchange gained 5.53 points to greet noon at 699.25
Eight of the 13 TSX subgroups were positive at noon hour, with metals and mining issues galloping 5%, energy better by 1.6%, and utilities up 0.7%.
The five laggards were weighed most by gold, down 1.8%, real-estate, down 0.6%, and consumer staples, sinking 0.5%.
ON WALLSTREET
U.S. stocks traded higher Monday, amid gains in oil prices, as traders awaited comments from Federal Reserve Chair Janet Yellen that could shed light on the timing of the next rate hike.
The Dow Jones Industrials barreled ahead 101.84 points to 17,908.90. Boeing contributed the most to gains as most constituents advanced.
The S&P 500 recovered 10.27 points at 2,109.40, with energy rising more than 1.5% to lead advancers.
The NASDAQ picked up 19.91 points to 4,962.43.
Yellen was scheduled to speak on the economic outlook and monetary policy at the World Affairs Council of Philadelphia over noon hour ET.
In economic news, Reuters reported the Fed's index on labour market conditions fell in May for a seventh-straight month to minus 4.8, the lowest since May 2009.
Markets were pricing in a 4% chance of a June rate hike as of early Monday morning, according to Jefferies. Odds for a July hike were 32% and 52% for September
Prices for the 10-year Treasury sagged, raising yields to 1.73% from Friday’s 1.7%. Treasury prices and yields move in opposite directions.
Oil prices tacked on $1.04 a barrel to $49.66 U.S.
Gold prices regained $1.02 to $1,245.22 U.S. an ounce.
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