Canada's main stock index 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 shot higher 120.99 points to move into noon hour at 14,985.02
The Canadian dollar added 0.52 cents at 74.55 cents U.S.
The most influential movers on the index included Suncor Energy, which rose 2.2% to $42.71, and Canadian Natural Resources, up 2% to $43.93.
Both major oil producers have gained around 9% since Nov. 11.
The energy group climbed 2.3%, with Encana Corp advancing 3.9% to $16.40.
Shares in TransAlta Corp, the country's largest operator of coal-fired plants, declined 1.8% to $5.52.
Canada announced on Monday it will virtually eliminate the use of traditional coal-fired electricity by 2030.
The financials group gained, with Royal Bank of Canada up 1% to $88.11.
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 5.85 points to see the midpoint of the session at 752.52.
All but three of the 12 TSX subgroups were positive Monday morning with energy vaulting 2.36, materials ahead 1.3%, and gold better by 1.2%.
The laggards were telecoms, down 0.4%, and information technology, off 0.3%. Consumer discretionary stocks were flat by noon.
ON WALLSTREET
U.S. equities traded higher on Monday, led by energy stocks, as oil prices rose on renewed optimism that the Organization of the Petroleum Exporting Countries was closing in on a deal to cut production.
The Dow Jones Industrials gained 52.7 points to break for lunch Monday at 18,920.63, with Apple leading advancers and 3M the biggest decliner.
The S&P 500 hiked 11.73 points at 2,193.63, within spitting distance of its all-time intraday high of 2,193.81 hit on Aug. 15. The energy sector traded 2% higher to lead all sectors higher.
The NASDAQ composite index strengthened 37.14 points to 5,358.65, hitting a new record high.
In corporate news, Tyson Foods shares plunged more than 15%, 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 $1.65 to $47.34 U.S. a barrel
Gold prices took on $2.90 to $1,211.60 U.S. an ounce.
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