Equities in Canada's largest market rose to start the week, boosted by energy stocks as oil prices kept pushing higher after members of the Organization of the Petroleum Exporting Countries agreed to cut production last week.
The S&P/TSX Composite gained 38.18 points to 15,090.70
The Canadian dollar gained 0.13 cents at 75.36 cents U.S.
Barclays raised the target price on National Bank of Canada to $52.00 from $48.00 on the back of strong performances in capital markets and wealth management.
National shares gained 65 cents, or 1.3%, to $52.17.
National Bank Financial resumed coverage on Timmins Gold with an outperform rating, following the completion of the company’s previously announced equity financing.
Timmins Gold shares dipped half a cent to 44.5 cents.
Hudson's Bay Co is out with Q3 numbers today, projecting a loss of 26 cents per share. Bay shares tracked lower six cents to $14.83.
ON BAYSTREET
The TSX Venture Exchange inched up 0.05 points to 749.42
The 12 TSX subgroups were split evenly between gainers and losers, with energy gushing 0.9%, industrials and financials each better by 0.4%.
The half-dozen laggards, on the other hand, were weighed most by gold, dulling in price 2.1%, materials, giving back 0.4%, and telecoms, clicking lower 0.1%.
ON WALLSTREET
U.S. equities kicked off the week trading higher on Monday, unfazed by a key vote in Italy which led to Prime Minister Matteo Renzi's resignation.
The Dow Jones Industrials leaped 97.93 points to 19,268.35, with Goldman Sachs contributing the most gains.
The S&P 500 strode forward 16.39 points to 2,208.34, with financials rising more than 1% to lead advancers.
The NASDAQ composite index spiked 58.31 points to 5,313.96
Renzi said he would step down after being defeated in a referendum regarding his plan to overhaul the Italian constitution. Renzi said voters had shown a "clear" rejection of legislative reform measures and that he would meet with his cabinet on Monday and then hand in his resignation to the President Sergio Mattarella, taking full responsibility for the defeat.
Investors also paid attention to remarks made by New York Federal Reserve President William Dudley, in which he said he favours gradual rate hikes if the U.S. economy stays on track.
Experts’ calls are for the Federal Reserve to hike interest rates at its meeting later in December, chances of that happening pegged at above 90%.
In economic news, the November IHS Markit non-manufacturing index came in at 54.6, marking the ninth consecutive month in which the services sector has shown expansion.
The November ISM services index read, meanwhile, came in at 57.2, above an October read of 54.8.
Treasury prices for the 10-year note sagged, boosting yields to 2.45% from Friday’s 2.39%. Treasury prices and yields move in opposite directions.
Oil prices added 54 cents to $52.22 U.S. a barrel
Gold prices dragged lower $13.40 to $1,164.40 U.S. an ounce.
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