Stock markets in Canada’s largest centre opened higher on Monday, as oil prices surged to their highest levels since late-2014 boosting the energy sector, and as the North American Free Trade Agreement deal talks entered a crucial stage.
The S&P/TSX Composite Index vaulted 89.63 points to open the week at 15,819.03
The Canadian dollar faded 0.14 cents to 77.67 cents U.S.
Shareholders of Crescent Point Energy voted to elect the Canadian energy producer's full slate of directors after a contentious battle with activist investor Cation Capital.
Crescent Point shares opened Monday up 25 cents, or 2.5%, to $10.43.
Desjardins cut the target price on Advantage Oil & Gas to $6 from $7.50. Advantage shares took on six cents, or 1.6%, to $3.93.
CIBC cut the rating on AutoCanada to neutral from outperform. AutoCanada shares tailed off 28 cents, or 1.5%, to $18.38.
CIBC raised the price target on Norbord to $56.00 from $53.00. Norbord strengthened $1.10, or 2.2%, to $50.59.
ON BAYSTREET
The TSX Venture Exchange gained 2.02 points to 774.26
All 12 TSX subgroups were in positive country, as energy leaped 1.9%, health-care was better by 1%, and information technology triumphed 0.7%.
ON WALLSTREET
Stocks kicked off the week trading higher on Monday as investors built on a strong rally seen in the previous session, while energy stocks rose.
The Dow Jones Industrial Average rose 187.5 points to 24,450.01, with Caterpillar and Chevron as the best-performing stocks.
The S&P 500 added 13.53 points to 2,676.95, as energy climbed 2%.
The NASDAQ jumped 53.22 points to 7,262.83
On Friday, the major averages all jumped more than 1% as shares of Apple hit an all-time high on news that Warren Buffett's Berkshire Hathaway bought 75 million shares of the company in the first quarter. Apple gained 1.5% on Monday.
In corporate news, Nestle agreed to pay $7.15 billion U.S. to Starbucks to for the rights to sell the coffee chain's products globally. Starbucks shares rose 0.6%.
Meanwhile, Blackstone reached a deal with Gramercy Property Trust to buy it for $7.6 billion U.S. in cash. Gramercy's stock shot up more than 15%.
Prices for the benchmark for the 10-year U.S. Treasury were static, keeping yields at Friday’s 2.95%.
Oil prices ballooned 66 cents a barrel to $70.38 U.S.
Gold prices docked 90 cents to $1,313.80 U.S. an ounce.
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