Canada's main stock index launched higher on Monday, with gold mining and materials shares leading the gains, as investors were optimistic following last week's rally and the Bank of Canada's willingness to support the domestic economy.
The TSX Composite Index zoomed 88.11 points, to move into Monday afternoon at 29,856.47.
The Canadian dollar faded 0.16 cents to 72.39 cents U.S.
In company news, Pension fund La Caisse will buy Australian renewables developer Edify Energy for A$1.1 billion ($724.57 million U.S.)
Gold miners Aura Minerals strode $3.01, or 6.9%, to $46.94., Barrick Mining took on $2.54, or 5.6%, to $48.09, and Endeavour Mining added $2.68, or 5%, to $56.40.
Silver miners Endeavour Silver jumps $1.23, or 13.2%, to $10.57, and First Majestic Silver gained $1.64, or 11.2%, to $16.32
Conversely, consumer staples were in the red, with specialty food products maker Premium Brands dropping $1.04, or 1.1%, to $92.17.
Among other stocks, planemaker Bombardier rose $9.78, or 5.4%, to $191.18, while other industrial stocks came under pressure.
On the economic beat, Statistics Canada reported In August, the Industrial Product Price Index increased 0.5% month over month and gained 4.0% year over year in August, while its raw materials price index declined 0.6% month over month and rose 3.2% year over year.
ON BAYSTREET
The TSX Venture Exchange sprinted 14.21 points, or 1.6%, to 919.01.
Eight of the 12 subgroups were in plus territory soon by midday, led by gold and materials, each better by 1.6%. while energy stocks gained 0.8%.
The four laggards were weighed most by consumer staples, off 0.8%, information technology gave back 0.6%, and real-estate, down 0.4%.
ON WALLSTREET
The S&P 500 reached new heights on Monday following a strong week for the major averages that drove them to fresh record highs.
The Dow Jones Industrials regained 11.63 points to break for lunch at 46,294.26.
The much-broader index squeezed ahead 10.56 points to 6,674.92
The tech-heavy NASDAQ gained 62.78 points to 22,694.26. led by a surge in Apple shares amid growing investor enthusiasm about new iPhone sales.
Shares of Oracle also jumped after the software giant announced Monday that it has promoted Clay Magouyrk and Mike Sicilia to co-CEOs as Safra Catz takes a step back to serve as executive vice chair on the company’s board. The move higher adds to the stock’s sizable run this month, with it soaring 42% in the period.
Stocks were kept in check by the growing risk of a government shutdown. Last week, the Senate rejected Republican and Democratic proposals at least temporarily to fund the federal government.
Senate Democratic Leader Chuck Schumer has since urged President Donald Trump to meet with Democrats to strike a deal.
These developments come as the deadline for lawmakers to fund the government is Sept. 30.
The stock market is coming off a solid weekly advance, with the three major indexes hitting all-time highs.
Pfizer gained ground after an announcement it would buy Metsera for $4.9 billion in cash. The deal is expected to close in the fourth quarter. Pfizer shares ticked 61 cents, or 2.5%. higher to $24.64.
Prices for 10-year Treasury faded Monday, pushing yields up to 4.15% from Friday’s 4.13%. Treasury prices and yields move in opposite directions.
Oil prices dipped 15 cents to $62.53 U.S. a barrel.
Gold prices surged $63.50 to $3,769.30 U.S. an ounce.
