Equities in Canada’s largest centre held at all-time highs on Monday as energy stocks were on track to post their best day in nearly three years after an attack on Saudi Arabian oil facilities sent oil prices soaring.
The S&P/TSX Composite added 51.24 points to Friday’s all-time closing high, starting business Monday at 16,733.16, The Canadian dollar was down 0.4 at 75.30 cents U.S.
AngloGold Ashanti has entered into an agreement with B2Gold at its Gramalote project in Colombia that will see its Canadian joint venture partner raise its stake and assume management of the project.
B2Gold docked three cents to $4.13.
Greece is in talks with Eldorado Gold to secure higher royalties from its mining development projects and new jobs, according to the Greek energy minister. Eldorado fell 28 cents, or 2.5%, to $10.73.
The largest percentage gainer on the TSX was Dream Global Real Estate Investment Trust, which jumped $2.40, or 16.9%, to $16.57 after it said funds managed by Blackstone Group Inc would buy the Canadian firm in a $6.2-billion deal.
SNC Lavalin fell 77 cents, or 3.7%, the most on the TSX, to $20.23, followed by Western Forest, down four cents, or 3.1%, to $1.29
CIBC raised the price target on Cascades to $13.00 from $11.00. Cascades dropped off three cents to $12.10.
RBC raised the price target on Enghouse Systems to $50 from $48. Enghouse swooned 82 cents, or 2.1%, to $38.19.
CIBC raised the price target on Kinaxis to $95.00 from $89.00. Kinaxis shares slid eight cents to $82.72.
ON BAYSTREET
The TSX Venture Exchange took on 3.73 points to 592.89
Seven of the 12 Toronto subgroups were negative in the first hour, with communications ceding 0.8%, industrials docking 0.7%, and health-care fading 0.6%.
The five gainers were led by energy, bounding ahead 6.4%, while real-estate acquired 0.8%, and gold bettered itself by 0.5%.
ON WALLSTREET
Stocks fell on Monday amid fears that a surge in oil prices following an attack in Saudi Arabia could slow down global economic growth.
The Dow Jones Industrials dumped 80.17 points to 27,139.35. It would be the first decline in nine days for the Dow, which had climbed back to within 1% from a record on Friday.
The S&P 500 fell 6.75 points to 3,000.84.
The NASDAQ Composite dipped 16.62 points to 8,160.10
The major indexes posted solid weekly gains last week and closed in on record highs set in July. Through Friday’s close, the Dow and S&P 500 were both about 0.7% below their all-time highs while the NASDAQ was nearly 2% away from its record.
General Motors shares fell 3% after the United Auto Workers union went on strike after contract talks between the two entities broke down. Higher gasoline prices could also potentially hurt sales.
Airlines JetBlue Airways and United Airlines dropped at least 3% each while American Airlines lost 6.5%. Devon Energy skyrocketed more than 12% before the bell while Marathon Oil jumped 12.6%.
Retailers Target and Walmart slipped more than 0.5% each. Dow members Exxon Mobil and Chevron rose more than 2% each.
Sentiment was also depressed after China’s industrial production fell to a new 17½-year low. Production rose 4.4% in August while analysts polled by Reuters expected a gain of 5.2%. The industrial-production slowdown came as China and the U.S. remain embroiled in a trade war.
Prices for the benchmark 10-year U.S. Treasury gained ground, lowering yields to 1.87% from Friday’s 1.91%. Treasury prices and yields move in opposite directions
Oil prices vaulted $5.31 to $60.16 U.S. a barrel.
Gold prices recouped six dollars to $1,505.50 U.S. an ounce.
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