Equities in Canada’s largest market opened higher on Monday as global economic stimulus measures and news of some countries easing lockdowns pulled investors back to riskier assets.
The S&P/TSX Composite Index acquired 60.81 points, to open Monday and the week at 14,481.17
The Canadian dollar re-strengthened 0.28 cents to 71.12 cents U.S.
Canada's top medical official said on Sunday she was encouraged the coronavirus death toll was slowing while Prime Minister Justin Trudeau said isolation measures to fight the outbreak should remain for the time being.
Trudeau also said plans underway to restart the economies of Canadian provinces do not depend on presuming people who become infected with coronavirus develop immunity to it.
Canaccord Genuity raised the target price on Altagas to $18.00 from $16.00. Altagas dipped 14 cents per share to $14.85.
CIBC raised the target price on Cargojet to $140.00 from $130.00. Cargojet shares galloped $4.11, or 3.1%, to $137.23.
Canaccord Genuity raised the target price on Gibson Energy to $23.00 from $22.00. Gibson dished off 36 cents, or 1.8%, to $19.34.
ON BAYSTREET
The TSX Venture Exchange added 0.8 points to 463.14.
All but three of 12 TSX subgroups were positive, with health-care sprinting 3.8%, with information technology and real-estate each picking up 0.8%.
The three laggards were energy stocks, sliding 3.3%, gold, down 1.2%, and materials, off 1.1%.
ON WALLSTREET
Stocks rose on Monday as investors mulled the possibility of re-opening the economy after the coronavirus outbreak.
The Dow Jones Industrial Average jumped 118.88 points to 23,894.15.
The S&P 500 strengthened 21.77 points to 2,857.91
The NASDAQ Composite hiked 91.15 points, or 1.1%, to 8,725.67.
States including Alaska, Georgia, South Carolina, Tennessee and Texas are beginning to allow restaurants and other establishments to serve customers.
New York Gov. Andrew Cuomo said Sunday the state plans to re-open its economy in phases. The first phase, Cuomo said, would involve New York’s construction and manufacturing sectors. As part of the second phase, businesses will need to design plans for a re-opening that include social distancing practices and having personal protective equipment available.
Cuomo also noted that coronavirus-related hospitalizations have fallen for 14 days and that virus deaths in New York hit a near one-month low.
Stocks that would benefit most from an economic reopening led the way higher on Monday. United Airlines, MGM Resorts and Carnival all climbed more than 1%. Gap gained 0.9% and Kohl’s surged 1.3%.
Still, coronavirus shelter-in-place orders and social distancing guidelines remain Wall Street’s number-one concern as the rules keep thousands of businesses closed. Officials have confirmed nearly three million COVID-19 cases worldwide with over 900,000 in the U.S., according to data from Johns Hopkins University.
Prices for the 10-Year Treasury sank, lifting yields to 0.63% from Friday’s 0.59%. Treasury prices and yields move in opposite directions.
Oil prices shed $4.74 to $12.20 U.S. a barrel.
Gold prices slumped $3.30 to $1,732.30 U.S. an ounce.
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