Markets in Canada’s largest centre picked up Monday from where they’d left off Friday, powered by massive gains in health-care stocks.
The S&P/TSX Composite gained 103.72 points to kick off the week at 21,559.54.
The Canadian dollar handed back 0.04 cents to 80.27 cents U.S.
Rogers Communications on Friday reinstated ousted Chairman Edward Rogers after a court backed his petition to constitute a new board, drawing curtains on a rare public battle for the control of a Canadian company even as the family feud showed no signs of ending.
Rogers shares jumped $1.56, or 2.7%, to $60.51.
First Cobalt aims to create North America's first specialist facility for producing electric vehicle battery materials such as cathode chemicals, it said on Sunday, as it announced a name change to Electra Battery Materials.
First Cobalt shares took on four cents, or 10.7%, to 39 cents.
CIBC cut the rating on Canada Goose Holdings to neutral from outperform. Goose shares tumbled $1.54, or 2.6%, to $58.60.
CIBC cut the rating on Canopy Growth to underperform from neutral. Canopy shares shed $1.42, or 2.4%, to $58.72.
ON BAYSTREET
The TSX Venture Exchange popped 11 points first thing Monday to 996.14.
Eight of the 12 TSX subgroups were positive, with health-care skyrocketing 4.1%, energy rumbling 1.6%, and communications up 1.4%.
The four laggards were weighed most by consumer staples, down 0.6%, real-estate, off 0.5%, and utilities sliding 0.2%.
ON WALLSTREET
The Dow Jones Industrial Average jumped to a new intraday high Monday after Congress approved an infrastructure spending package.
The 30-stock index grabbed 154.11 points to 36,482.06.
The S&P 500 added 10.25 points to add to Friday’s all-time high at 4,707.78,
The NASDAQ Composite hiked 38.61 points to 16,010.20.
The U.S. House of Representatives late Friday passed a more than $1-trillion infrastructure bill, sending the legislation to President Joe Biden for his signature. First passed by the Senate in August, the package would provide new funding for transportation, utilities and broadband, among other infrastructure projects.
Industrials and materials stocks rallied Monday with those names set to benefit from the spending package. The Global X U.S. Infrastructure Development exchange-traded fund hit a new all-time high dating back to its inception in 2017.
Construction equipment manufacturer Caterpillar led the Dow’s rally with a 4% gain. Heavy equipment producer Deere saw its shares rise more than 2%. Nucor and Vulcan Materials each added more than 3%. United Rentals, Martin Marietta, Quanta and Jacobs Engineering were among the other infrastructure-related gainers.
The passage of the infrastructure stimulus, an improving COVID situation in the U.S., and a better-than-expected labor market reading boosted investor confidence in the economic recovery. The October jobs report came in Friday better than economists expected as U.S. payrolls added 531,000 jobs last month, according to the U.S. Labor Department.
Prices for 10-year Treasurys sagged, raising yields to 1.48% from Friday’s 1.45%. Treasury prices and yields move in opposite directions.
Oil prices added 67 cents to $81.94 U.S. a barrel.
Gold prices accumulated seven dollars to $1,823.80 U.S. an ounce.
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