Canada's main stock index rose on Monday, powered by gains in energy shares as oil prices jumped after U.S. President Donald Trump said China was ready to negotiate on the trade dispute.
The S&P/TSX Composite jumped 104.80 points to open Monday at 16,142.38
The Canadian dollar nicked up 0.09 cents to 75.18 cents U.S.
On a day with no macroeconomic reports to peruse, Desjardins cut the rating on Golden Star Resources to hold from buy. Golden Star docked 16 cents, or 4.1%, to $3.71.
Raymond James initiated coverage on Profound Medical with an outperform rating and $4.00 target price. Profound gained two cents, or 2.2%, to 94 cents.
The largest percentage gainers on the TSX were Encana, which jumped 11 cents, or 2%, to $5.61, and Bombardier which rose seven cents, or 4.4% to $1.65
Semafo fell nine cents, or 1.7%, the most on the TSX, to $5.15. The second biggest decliner was CannTrust Holdings, down 11 cents, or 4.4%, to $2.37.
ON BAYSTREET
The TSX Venture Exchange gained 3.59 points to 585.54
All but one of the 12 Toronto subgroups were higher in the first hour, with information technology stocks gathering 1.3%, while consumer discretionary and energy stocks each traveled 1%,
The lone laggard was in health-care, sagging 0.5%.
ON WALLSTREET
Stocks jumped on Monday after President Donald Trump said China is ready to come back to the negotiating table following a phone call Sunday.
The Dow Jones Industrial Average gained 115.82 points to 25,744.72.
The S&P 500 regrouped 11.49 points to 2,859.06
The NASDAQ recouped 44.06 points to 7,795.63.
Semiconductor stocks such as Micron added 1.1%, and Advanced Micro Devices soared 2.8%. Boeing and Apple led the Dow, rising around 1% each.
Speaking to reporters at the Group of Seven (G-7) meeting in Biarritz in France Monday, Trump said the two countries would start talking very seriously.
The latest news on the U.S.-China trade front come after Trump said on Friday the U.S. will raise tariffs on $250 billion worth of Chinese goods to 30% from 25%. Tariffs on another $300 billion in Chinese products will also go up to 15% from 10%, he said. Stock futures initially fell overnight on Trump’s comments before rebounding.
Prices for the benchmark 10-year U.S. Treasury gained slightly, lowering yields to 1.52% from Friday’s 1.53%. Treasury prices and yields move in opposite directions
Oil prices garnered 56 cents to $54.73 U.S. a barrel.
Gold prices took on eight dollars to $1,545.60 U.S. an ounce.
