Stocks in Canada’s largest centre were off their highs of the day, but still positive Monday, amid surges in oil prices and changes in the fortunes of drug maker Valeant Pharmaceuticals.
The S&P/TSX Composite gained 29.57 points to finish Monday at 14,777.02.
The Canadian dollar gained 0.23 cents to 77.4 cents U.S.
Valeant, for its part, surged $2.04, or 6.3%, to $34.36, after being rated a buy by several rating agencies. Rival health-care firm Concordia International slipped 78 cents, or 6%, to $12.17.
Among energy concerns, Baytex Energy climbed 28 cents, or 4.2%, to $6.94, while EnCana Corp. hiked 17 cents, or 1.4%, to $12.34.
Among industrials, Canadian Pacific Railway chugged along 94 cents to $192.23, while Air Canada added five cents to $9.01.
Gold stocks lost their spark Monday, as Iamgold Corporation fell 13 cents, or 2%, to $6.37, while rival Barrick Gold sifted off 40 cents, or 1.4%, to $27.80.
Among telecoms, BCE lopped off 30 cents to $62.95.
On the economic beat, the Canadian Real Estate Association reported this morning that national home sales declined – 1.3% -- for a third consecutive month in July 2016. Actual (not seasonally-adjusted) activity came in 2.9% below July 2015.
ON BAYSTREET
The TSX Venture Exchange gained 2.81 points to 836.10
Seven of the 13 subgroups were negative on the day, as gold lost 0.9%, telecoms were off 0.4%, and utilities subsided 0.3%.
The five gainers were led by energy and health-care, each up 1.1%, and industrials, ahead 0.4%.
Metals and mining stocks were unchanged.
ON WALLSTREET
U.S. stocks rose Monday, with the three major indexes posting simultaneous record closes for the second time in less than a week, as investors digested rising oil prices.
The Dow Jones Industrials progressed 59.58 points to 18,636.05, with DuPont leading advancers and Wal-Mart the biggest decliner.
The S&P 500 picked up 6.1 points to 2,190.15, with materials leading. In all there were 29 S&P components hitting new 52-week highs, including Sysco — which reported quarterly results before the bell, Ross Stores and Procter & Gamble.
The NASDAQ Composite gained 29.12 points to 5,262.02
On the data front, the Empire State Manufacturing survey index fell five points to -4.2.
Other data released Monday included the NAHB housing index, which showed homebuilder sentiment rose two points. The SPDR S&P Homebuilders ETF rose 1%, led higher by Toll Brothers, which was up about 2.7%.
On the earnings front, several firms, including Home Depot, Lowe's and Cisco Systems, are scheduled to report results this week.
Last week, retail giant Macy's posted better-than-expected results.
Prices for the 10-year Treasury sagged, raising yields 1.56% from Friday’s 1.54%. Treasury prices and yields move in opposite directions.
Oil prices gained $1.37 a barrel to $45.86 U.S.
Gold prices hiked $1.50 to $1,344.70 U.S. an ounce.
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