Equities in Canada’s largest market rose on Monday as higher oil prices supported shares of energy companies, while the materials and financials groups also gained ground.
The S&P/TSX Composite ballooned 87.01 points to begin the day and the week at 14,951.04
The Canadian dollar added 0.52 cents at 74.56 cents U.S.
As indicated, energy stocks led the train of gainers, as Imperial Oil moved ahead 40 cents to $45.15, and EnCana Corp. tallied 79 cents, or 5%, to $16.57.
Gold stocks were also solid Monday morning, as Barrick Gold acquired 20 cents, or 1%, to $20.86, and Goldcorp hiked 21 cents, or 1.2%, to $18.19.
National Bank Financial raised the target price on change Income Corp. to $47.00 from $42.00, citing the company’s unparalleled dividend profile, relatively favorable valuation and ongoing attractive growth opportunities.
National shares hiked 32 cents to $49.60.
It’s also a sparse day on the company earnings front. Gaming Nation expects Q3 earnings of two cents per share
On the economic slate, Statistics Canada reported that wholesale trade decreased 1.2% to $56.0 billion in September, following increases in four of the previous five months. Declines were recorded in five sub-sectors, led by lower sales in the machinery, equipment and supplies and the miscellaneous sub-sectors.
ON BAYSTREET
The TSX Venture Exchange strengthened 5.56 points to kick off Monday’s session at 752.53.
All but one of the 12 TSX subgroups were positive in the first hour, with energy vaulting 2.3%, materials ahead 1.2%, and gold better by 0.9%.
Only consumer staples missed out on the party, down 0.1%.
ON WALLSTREET
U.S. equities traded higher on Monday, led by energy stocks, as oil prices rose on renewed optimism that OPEC was closing in on a deal to cut production.
The Dow Jones Industrials gained 43.35 points to start Monday at 18,911.28, with Boeing contributing the most gains.
The S&P 500 hiked 9.95 points at 2,191.85, trading above its record close of 2,190.15, as energy gained nearly 2%
The NASDAQ composite index muscled up 32.71 points to 5,354.08, also hitting a new record high.
In corporate news, Tyson Foods shares plunged more than 1% in the pre-market, after the firm reported weaker-than-expected quarterly results.
There were no major economic reports due Monday. However, Federal Reserve Vice Chairman Stanley Fischer delivered remarks about how fiscal policy can help boost productivity and, in turn, lower the burden of supporting the economy on the central bank.
Later this week, to be shortened by the Thanksgiving holiday on Thursday, the Fed is scheduled to release the minutes of its November meeting. That said, one expert remarked the minutes are likely to have little impact on the market since the odds of a rate hike next month are so high.
Analysts’ market expectations for a December rate increase are at more than 95%
Treasury prices for the 10-year note gained slightly, lowering yields to 2.32% from Friday’s 2.34%. Treasury prices and yields move in opposite directions
Oil prices gained $1.11 to $46.80 U.S. a barrel
Gold prices took on $3.70 to $1,212.40 U.S. an ounce.
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