Equities in Canada’s largest market rose on Monday as shares in energy companies were boosted by further gains in oil prices after last week's agreement by the Organization of the Petroleum Countries to limit production.
The S&P/TSX Composite gained 42.65 points to close the session at 15,095.17
The Canadian dollar gained 0.11 cents at 75.34 cents U.S.
Materials stocks ruled the day among gaining groups, as Teck Resources triumphed $1.61, or 4.7%, to $35.85. First Quantum Minerals roared ahead 85 cents, or 5.8% to $15.61.
Among energy plays, Husky Energy appeared the leader, leaping 33 cents, or 2.1%, to $16.19, while Baytex Energy came up 12 cents, or 2%, to $6.17.
Industrials scored well, too, primarily Magna International, gathering 63 cents, or 1.1%, to $56.53, while Air Canada was lifted 21 cents, or 1.5%, to $14.22.
Among health-care issues, Canopy Growth took a pasting of 55 cents, or 4.9%, to $10.80, while Concordia International tailed off 12 cents, or 3.5%, to $3.32.
In the gold sector, Goldcorp lost 11 cents to $17.89.
ON BAYSTREET
The TSX Venture Exchange gained 1.76 points to 751.13
Seven of the 12 TSX subgroups were higher by day’s end, with materials surging 0.9%, energy better by 0.7%, and industrials, leading Friday’s close by 0.5%.
The five laggards were weighed most by health-care, sagging 1.5%, gold, dipping 0.6%, and real-estate, subsiding 0.4%.
ON WALLSTREET
U.S. equities closed higher on Monday, unfazed by a key vote in Italy which led to Prime Minister Matteo Renzi's resignation, as financials, technology and consumer discretionary stocks rose around 1%.
The Dow Jones Industrials remained stronger 45.82 points to 19,216.24, off its highs of the day, but still a record finish, with Nike leading the climbers and UnitedHealth Group weighing the most on decliners.
The S&P 500 strode 12.76 points to 2,204.71, with financials leading seven sectors higher and health-care the top decliner.
The NASDAQ composite index muscled higher 53.24 points, or 1%, to 5,308.89
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 dropped 57 cents to $51.11 U.S. a barrel
Gold prices remained lower six dollars to $1,171.80 U.S. an ounce.
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