Stocks Celebrate First Win in 6 Sessions

Staples Triumph, Gold Stocks Pounded

Markets in Toronto enjoyed gains after a dismal slump of five straight sessions, as consumer stocks pointed the way higher.

The TSX Composite Index gained 78.02 points to close Monday at 17,036.33

The Canadian dollar dropped 0.04 cents to 75.17 cents U.S.

Consumer staples ruled the roost Monday, as Alimentation Couche-Tard leaped $1.56, or 3.8%, to $43.05, while Empire Company vaulted 58 cents, or 1.7% to $35.08.

Consumer discretionary stocks were next, as Martinrea International climbed 51 cents, or 4.4%, to $12.19, while Gildan Activewear collected $1.12, or 3.1%, to $37.10.

Among energy concerns, Whitecap Resources gained 13 cents, or 3.2%, to $4.23, while Husky Energy increased in price 28 cents, or 2.9%, to $9.88.

Kirkland Lake Gold tumbled $10.88, or 17.2%, to $52.44, after agreeing to purchase Detour Gold. Meantime, rival Iamgold docked nine cents, or 1.9%, to $4.59.

Detour Gold, for its part, gained 48 cents, or 2.2%, to $22.69.

Health-care also took a bit of a pounding, as Aurora Cannabis dived 23 cents, or 6.4%, to $3.35, while Aphria slid 10 cents, or 1.6%, to $6.09.

In other resource stocks, Agnico Eagle Mines gave back $2.36, or 3%, to $77.40, while Wheaton Precious Metals staggered 46 cents, or 1.3%, to $35.93.

On matters economic, Statistics Canada reports wholesale trade rose 1.0% to $65.1 billion in September, almost entirely offsetting the 1.2% decline in August.

Sales were up in five of seven sub-sectors, representing 82% of total wholesale sales.

ON BAYSTREET

The TSX Venture Exchange squeaked ahead 0.19 points to 530.21

Eight of the 12 Toronto subgroups were higher on the day, led by consumer staples stocks, vaulting 1.7%, while consumer discretionary issues advanced 1.2%, and energy tallied 0.9%.

The four laggards were weighed most by gold, dulling 1.8%, while health-care sank 0.9%, and materials faded 0.6%.

ON WALLSTREET

Stocks rose on Monday as the market’s rally to record highs resumed amid increasing expectations that China and the U.S. will reach a so-called phase one trade deal.

The Dow Jones Industrials spiked 190.85 points to 28,066.47, an all-time high.

The S&P 500 strengthened 23.35 points to 3,133.64, a new record.

The NASDAQ made it a hat-trick of all-time peaks, vaulting 112.60 points, or 1.3%, to 8,632.49.

Tech was the best-performing sector in the S&P 500, rising 1.4%. Nvidia led the sector higher with a 4.9% gain. Intel’s 2.1% advance led the Dow higher. The NASDAQ was lifted by a 1.8% rise in Apple shares while Amazon closed 1.6% higher.

The S&P 500 is up nearly 25% in 2019, and is headed for its biggest one-year gain since 2013. The NASDAQ, meanwhile, has rallied nearly 30.1% year to date, on pace for its best yearly performance in six years. The Dow is up 20.3% year to date. That would be the 30-stock average's best annual gain since 2017.

Sentiment also got a lift on Monday after two big deals in Corporate America were confirmed.

Charles Schwab confirmed it will acquire rival TD Ameritrade for $26 billion in an all-stock deal. The deal, upon completion, will create a new company with more than $5 trillion in assets. TD Ameritrade shares rose 7.6% while Schwab’s stock improved 2.3%.

LVMH has reached a deal to buy jeweler Tiffany for $16.2 billion in cash, or $135 per share. The acquisition is expected to close in the middle of 2020. Tiffany shares advanced 6.2%.

Prices for the 10-Year U.S. Treasury moved slightly upward, lowering yields to 1.76% from Friday’s 1.77%. Treasury prices and yields move in opposite directions.

Oil prices regained 21 cents to $57.98 U.S. a barrel.

Gold prices dipped $8.70 to $1,457.30 U.S. an ounce.