Equities in Canada’s largest market rose on Monday as shares in energy companies were boosted by further gains oil prices after last week's agreement by the Organization of the Petroleum Countries to limit production.
The S&P/TSX Composite gained 57.34 points to greet noon to 15,109.86
The Canadian dollar gained 0.19 cents at 75.42 cents U.S.
Barrick Gold Corp fell 3.3% to $20.12 and Kinross Gold Corp lost 6.3% to $4.32, while Royal Bank of Canada rose 0.5% to $88.17 and
Toronto-Dominion Bank added 0.6% to $63.67.
First Quantum Minerals advanced 6.9% to $15.78 and Potash Corp gained 2.4% to $24.57, but the materials group, which includes precious and base metals miners and fertilizer companies, was pulled lower by gold miners.
Copper prices advanced 3.1% to $5,940 a tonne.
ON BAYSTREET
The TSX Venture Exchange gained 1.06 points to 750.45
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 remained stronger 63.93 points to 19,234.35, with Nike leading advancers and UnitedHealth Group leading decliners.
The S&P 500 strode 11.92 points to 2,203.87, with energy leading eight sectors higher and utilities the top decliner.
The NASDAQ composite index muscled higher 43.71 points to 5,299.37
Stocks have been on a scorching rally since the U.S. election, with the three large-cap indexes rising more than 2%.
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 fell slightly, boosting yields to 2.4% from Friday’s 2.39%. Treasury prices and yields move in opposite directions.
Oil prices added 25 cents to $51.93 U.S. a barrel
Gold prices remained lower $9.70 to $1,168.10 U.S. an ounce.
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