Markets in Canada’s largest market bolted higher Monday, helped by gains for financial and energy stocks as oil prices gained.
The S&P/TSX Composite jumped 118.29 points to open trading at 14,627.54
The Canadian dollar gained 0.14 cents to 74.75 cents U.S.
Air Canada reported a better-than-expected quarterly profit as it flew more passengers, particularly on new international routes, and benefited from lower fuel costs. Traffic increased almost 19% in the third quarter from a year earlier.
Air Canada shares got 76 cents, or 6.4%, worth of lift in the first hour to $12.70.
Workers at Magna International’s Integram vehicle seat plant in Windsor, Ontario will strike after voting against a tentative labour contract.
Magna shares jumped 67 cents, or 1.3%, to $52.89.
CIBC raised the rating on Genworth MI Canada to outperform from sector perform, stating the changes in mortgage eligibility rules imply that future risk of loss is lower and embedded margins on future business will increase.
Genworth shares hiked $1.68, or 6%, to $29.83.
RBC raised the target price on Imperial Oil to $47.00 from $46.00 on the back of higher estimated free cash flow generation in 2018.
Imperial shares took on 51 cents, or 1.2%, to $43.79.
CIBC raised the price target on TMX Group to $68.00 from $66.00, saying cost reduction measures could provide big lift to the bottom line.
TMX shares gained 31 cents to $63.06.
ON BAYSTREET
The TSX Venture Exchange was down 0.34 points to begin Monday at 761.64.
All but two of the 12 TSX subgroups were higher, as energy leaped 1.8%, industrials jumped 1.3%, and financials gained 1.2%.
The two laggards were gold, down 3.1%, and materials, off 1.2%.
ON WALLSTREET
U.S. equities kicked off the week on a high note, trading sharply higher on Monday after the FBI again cleared Democratic nominee Hillary Clinton over her use of a private server.
The Dow Jones Industrials went skyward 258.56 points, or 1.5%, to 18.146.84, with Goldman Sachs contributing the most gains, at 29 points.
The S&P 500 climbed 33.36 points, or 1.6%, at 2,118.54, as financials gained 2% to lead all sectors higher.
The NASDAQ composite index strengthened 91.99 points, or 1.8%, to 5,138.36
The economic data calendar was a light one on Monday, with consumer credit data for September due at 3 p.m.
Prices for the 10-year Treasury staggered, raising yields to 1.82% from Friday’s 1.77%. Treasury prices and yields move in opposite directions.
Oil prices gained 26 cents to $44.33 U.S. a barrel
Gold prices dipped $22.10 to $1,282.40 U.S. an ounce.
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