Stocks in Canada’s biggest market edged higher on Monday as bond yields surged and financials gained ground, offsetting losses for mining and energy stocks as commodities fell.
The S&P/TSX Composite nosed higher 1.57 points to open the week at 14,566.98, after a drop of nearly 200 points Friday.
The Canadian dollar dropped 0.10 cents, to 73.75 cents U.S.
Amaya Inc said its former chief executive David Baazov has offered to buy the Canadian online gambling company in a deal valued at about $3.48 billion. Baazov said he had made the offer on behalf of a to-be-formed entity led by him.
Separately, Amaya's third-quarter net income from continuing operations was $12.5 million, or six cents per share, compared with a loss of $34.4 million, or 26 cents a share, a year earlier.
Amaya shares rocketed $3.06, or 16.7%, to $21.40.
Barclays cut the target price on Hydro One to $24 from $26 as a result of multiple compression. Hydro One shares ditched three cents to $22.77.
CIBC raised the rating on Onex Corp. to outperform from sector perform to reflect higher growth expectations.
Onex shares added 33 cents to $86.85.
CIBC cut the target price on Power Financial to $36.00 from $37.00, following softer third-quarter results. Power shares dipped four cents to $32.51.
ON BAYSTREET
The TSX Venture Exchange eased 3.33 points to 724.58
Seven of the 12 TSX subgroups were negative in the first hour, as gold moved lower 2.4%, materials gave back 1%, and consumer staples were down 0.8%.
The five gainers were led by health-care, better by 1.2%, consumer discretionary stocks, up 0.8%, and financials, climbing 0.5%.
ON WALLSTREET
U.S. stocks kicked off the week trading mostly higher on Monday, building on strong gains posted last week, as the prospects of stronger economic growth grew with Donald Trump's presidential election win.
The Dow Jones Industrials gained 38.94 points to 18,886.60, hitting a fresh all-time high, with Goldman Sachs contributing the most gains.
The S&P 500 faltered 0.17 points at 2,164.28, with financials rising 1.4% to lead advancers.
The NASDAQ composite index shed 18.66 points to 5,218.46
In an interview with CBS' "60 Minutes," Trump urged his supporters to stop harassing minority groups "because I'm going to bring this country together." In the same interview, however, Trump said he would deport millions of illegal immigrants.
Following Trump's victory over Democrat Hillary Clinton, investors and traders quickly honed into Trump's economic policies, which could lead to higher infrastructure spending and less regulation within financials.
Treasury prices for the 10-year note plummeted, raising yields to 2.26% from Thursday’s 2.14%. Treasury prices and yields move in opposite directions. Bond markets were closed Friday for Veterans Day.
Oil prices skidded 54 cents to $42.87 U.S. a barrel
Gold prices fell $11.40 to $1,212.90 U.S. an ounce.
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