Markets in Canada’s biggest centre continued their path of solid, if unspectacular growth, as markets the world over recovery from the fallout of the Brexit vote in Britain.
The S&P/TSX Composite surged 49.98 points to close at 14,532.40
The Canadian dollar recovered 0.16 cents to 77.28 cents U.S.
Valeant Pharmaceuticals vaulted 84 cents, or 2.8%, to $30.40, on positive test results for one of its latest treatments, while rival Concordia International moved higher 28 cents, or 1.1%, to $27.00
Information technology stocks went higher, as BlackBerry acquired 13 cents, or 1.5%, to $8.71.
Cameco Corp. weighed on metals and mining stocks, nudging lower two cents to $13.94.
Among telecoms, BCE slid 17 cents to $62.35.
Economically speaking, Statistics Canada reported that offshore investors poured $14.7 billion into Canada during May, mostly government bonds on the secondary market, while Canadian investors added $5.1 billion in foreign holdings, mostly equities.
ON BAYSTREET
The TSX Venture Exchange slipped into negative territory 2.62 points to 763.74
All but two of the 13 subgroups were higher, with consumer discretionary stocks up 1.4%, health-care up 1.1%, and information technology stocks ahead 0.6%.
The two laggards were weighed by metals and mining, down 0.2%, while telecoms were off 0.1%.
ON WALLSTREET
U.S. stocks closed at record highs Monday as Bank of America added positive momentum and helped investor confidence going into earnings season.
The Dow Jones Industrials tacked on 16.5 points from Friday’s all-time high to 18,533.05, led by DuPont, Home Depot and Apple. Shares of the tech giant broke the $100 U.S. level for the first time since June 6. Merck was the biggest laggard. The blue-chip index extended its winning streak to seven days, with a fifth straight day of record gains.
The S&P 500 moved up 5.15 points to 2,166.89. Technology stocks led the S&P gainers as investors awaited quarterly results from IBM, Netflix and Yahoo after the bell Monday. The S&P 500 traded within a point of its intraday all-time high of 2,169.05 reached on Friday.
The NASDAQ Composite Index grew 26.19 points to 5,055.78
Second-quarter earnings kick into full gear this week.
Bank of America beat Street expectations on earnings and revenue Monday, with earnings per share of 36 cents U.S., compared to an expected 33 cents, according to a consensus estimate from Thomson Reuters.
Following Citigroup and JPMorgan Chase last week, Bank of America is now the third big U.S. financial institution to top second-quarter profit forecasts.
Hasbro posted second-quarter earnings per share of 41 cents U.S., versus the expected 39 cents from analysts polled by Reuters.
Charles Schwab, IBM, Netflix and Yahoo will also post results Monday.
On the data front, U.S. homebuilder sentiment fell one point in July, as foot traffic of potential buyers thinned and construction constraints continued, according to the monthly reading of builder confidence from the National Association of Home Builders.
Prices for the 10-year Treasury dipped, lifting yields to 1.59% from Friday’s 1.58%. Treasury prices and yields move in opposite directions.
Oil prices lost 68 cents a barrel to $45.27 U.S.
Gold prices gained $4.20 to $1,331.60 U.S. an ounce.
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