Stocks in Canada pushed higher Monday morning amid hopes for a COVID-19 vaccine while gold stocks led the industries with a 2.41 percent gain.
The S&P/TSX Composite Index gained 15.54 points at 16,139.02.
Oxford University, along with AztraZeneca, said their phase 1/phase 2 study of a coronavirus vaccine showed a promising immune response in the more than 1,000 patients involved in the trials.
On the corporate front, Aurora Cannabis Inc. is reorganizing its European operations and cutting some jobs. The Edmonton-based cannabis company says that the layoffs will amount to a one-quarter workforce reduction in select countries and in a regional office.
CounterPath Corp. (CPAH) on Monday reported fiscal fourth-quarter net income of $900,000, after reporting a loss in the same period a year earlier. On a per-share basis, the Vancouver, British Columbia-based company said it had net income of 13 cents. Earnings, adjusted for non-recurring gains, came to 11 cents per share. The business telecommunications company posted revenue of $4 million in the period.
Walmart Canada plans to invest $3.5 billion over the next five years to improve service in stores and on the web, renovate 150 stores and build two new distribution centres. The retail giant says the investment will create hundreds of construction jobs in Canada and forge partnerships with Canadian high-tech companies.
The Canadian dollar eked higher 0.013 cents at 73.78 cents U.S.
The September crude contract was down 32 cents at US$40.43 per barrel and the August natural gas contract was down 5.5 cents at US$1.66.
The August gold contract was up US$9.10 at US$1,819.10 an ounce and the September copper contract was up slightly to nearly US$2.91.
ON BAYSTREET
The TSX Venture Exchange climbed 6.90 points, or 1.02% to 681.85.
Three of the 12 TSX subgroups were stronger this morning, with gold higher 2.41%, materials stronger 1.99%, and tech ahead 1.89%.
On the downside, telecom was off 1.46%, Energy down 1.18%, and health-care trailing 0.89%.
ON WALLSTREET
U.S. stocks traded mostly in the red early Monday as investors braced for a wave of quarterly results from corporations over the coming days. More than 480 companies are slated to report updates, including a number of prominent technology-related firms.
The Dow Jones Industrial Average fell 107 points, or 0.4%, to 26,565. The S&P 500 was down 6 points, or 0.2%, to 3,219. The Nasdaq Composite gained 16 points, or 0.2%, to 10,519.
Earnings from corporations including Microsoft, Tesla and Intel, are among a parade of entities could offer greater insight about the economic outlook as American corporations contend with the worst pandemic in more than 100 years.
Chevron (CVX) said Monday it reached an agreement to buy Noble Energy (NBL) for $5 billion in stock in what marks the biggest oil-patch tie-up since the coronavirus pandemic began four months ago.
The yield on the benchmark 10-year Treasury note fell less than 2 basis points to 0.606% and the yield on the 30-year Treasury bond edged down to 1.302%. Yields move inversely to prices.
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