Equities in Canada’s largest market rose in a broad-based rally at open on Monday, extending gains from the first quarter as surprise factory data from China spurred a demand for equities globally.
The S&P/TSX Composite Index gathered 56.92 points to begin Monday at 16,159.01.
The Canadian dollar edged ahead 0.03 cents at 74.94 cents U.S.
Former Attorney General Jody Wilson-Raybould -- the figure at the heart of a crisis that could cost Prime Minister Justin Trudeau his job -- on Friday released documents to back up her case that she had been pressured to help SNC Lavalin avoid a corruption trial.
SNC shares gained three cents to $33.94.
U.S. President Donald Trump on Friday signed a new permission for TransCanada Corp to build the long-delayed Keystone pipeline for imports of Canadian oil, replacing his previous permits in a fresh attempt to get around the blocking of the $8 billion project by a court in Montana.
TransCanada shares gained six cents to $60.08.
Canaccord Genuity Group on Sunday said it will restructure its capital markets business in the United Kingdom, with uncertainty looming over the country as it prepares to exit from the European Union.
Canaccord shares hiked 11 cents, or 1.9%, to $5.95.
JPMorgan cut the target price on Canadian Pacific Railway to $335.00 from $337.00. CP gathered $3.74, or 1.4%, to $279.08.
Canaccord Genuity cut the rating on Carmanah Technologies to hold from buy. Carmanah shares were unchanged at $6.73.
On the economic beat, Canada’s Manufacturing Purchasing Managers’ Index registered 50.5 in March, down from 52.6 in February and only slightly above the neutral 50.0 mark.
ON BAYSTREET
The TSX Venture Exchange nicked backward 0.23 points to 626.66
Eight of the 12 Toronto subgroups gained ground in the first hour, with energy racing 1.6%, consumer discretionary stocks sprinting 1%, while materials picked up 0.7%.
The four laggards were weighed most by utilities, down 0.4%, while consumer staples suffered 0.3%, and communications eased off 0.2%.
ON WALLSTREET
Stocks jumped on Monday as strong manufacturing data out of the U.S. and China eased worries of a possible global economic slowdown.
The Dow Jones Industrials heightened 204.46 points to 26,133.14, led by gains in United Technologies and Goldman Sachs.
The S&P 500 added 20.02 points to 2,854.42, as the financials sector outperformed.
The NASDAQ Composite gained 51.55 points to 7,780.87, on gains from Facebook, Amazon, Netflix and Alphabet.
Bank stocks rose broadly. Citigroup, Goldman Sachs, Morgan Stanley, Bank of America and J.P. Morgan Chase all traded at least 2% higher.
U.S. manufacturing activity expanded last month, rebounding from its lowest level since late 2016, according to data from the Institute for Supply Management. The Dow and S&P 500 jumped to their highs of the day on the data.
The Caixin/Markit Manufacturing Purchasing Managers' Index jumped to 50.8 in March — its highest level in eight months — after economists polled by Refinitiv expected a print of 49.9. A number above 50 indicates expansion; a number below 50 shows contraction.
In other news boosting markets, the U.S. and China recently concluded their latest round of trade talks. U.S. officials last week said China had made proposals on a number of issues — including forced technology transfers — that go further than previous commitments.
The two superpowers are set to resume talks in Washington this week. Both countries have targeted billions of dollars' worth of each other's goods with tariffs in their protracted trade dispute.
Prices for the benchmark 10-year U.S. Treasury fell hard, raising yields to 2.47% from Friday’s 2.41%. Treasury prices and yields move in opposite directions.
Oil prices added 89 cents to $61.03 U.S. a barrel.
Gold prices settled 90 cents to $1,297.60 U.S. an ounce.
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