Equities in Canada’s largest market moved higher on Monday on gains in materials and industrials, tracking a rebound in global equities following a selloff in the previous week.
The TSX jumped 101.42 points, to begin the week at 20,320.61.
Among single stocks, auto parts provider LKQ said it would buy Uni-Select in an all-cash deal of about $2.8 billion. Uni-Select shares accelerated $6.49, or 16.1%, to $46.77.
Africa Oil and MEG Energy are expected to report fourth-quarterly results after the session. Shares in Africa Oil were static, meanwhile, at $2.87, while those for MEG grabbed seven cents to $22.05.
ON BAYSTREET
The TSX Venture Exchange reversed ground and climbed 6.19 points, or 1% to 623.05, after a 1.7% decline last week.
Eight of the 12 subgroups surged, led by industrials, popping 1.2%, consumer discretionary stocks, progressing 1.1%, and real-estate, building 0.8%.
The four laggards were weighed most by health-care, sliding 1.3%, while energy and consumer staples each subsided 0.1%.
ON WALLSTREET
Stocks jumped Monday as traders tried to recover some ground following the worst week of the year on Wall Street. Investors also looked ahead to another big week in retail earnings.
The Dow Jones Industrials recovered 337.96 points, or 1%, to kick off a new week at 33,154.88.
The S&P 500 regained 43.71 points, or 1.1%, to 4,013.75.
The NASDAQ Composite restocked 153.84 points, or 1.4%, to 11,548.78.
The S&P also got a boost from railroad operator Union Pacific, which climbed 10% after the company announced CEO Lance Fritz will step down this year.
Stocks sank Friday and Treasury yields jumped following a bigger-than-expected increase in the latest reading for personal consumption expenditures, the Federal Reserve’s preferred inflation gauge.
On the economic data front, durable goods orders fell in January as consumers pulled back spending on big-ticket items.
In earnings, just 6% of the S&P 500 will report but investors are looking for insight into the consumer with several major retailers, restaurants, some travel and entertainment names as well as food companies set to report. Target, Costco, Lowe’s and Macy’s are some of the big names set to report earnings this week.
Prices for the 10-year Treasury surged, lowering yields to 3.91% from Friday’s 3.95%. Treasury prices and yields move in opposite directions.
Oil prices settled 49 cents to $75.83 U.S. a barrel.
Gold prices leaped $7.80 to $1,824.90 U.S. an ounce.
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