Stocks Pick Up Over Perceived Pandemic Slowdown

CI, Docebo in Focus

Canada's main stock index opened higher on Monday as investors drew comfort from a slowdown in coronavirus-related deaths and new cases in many parts of the world.

The TSX Composite Index recovered 462.9 points, to open the day and a short week at 13,401.20.

The Canadian dollar gained 0.47 cents to 70.69 cents U.S.

Australia's Fortescue Metals Group said it had signed a deal with the local unit of Canadian utilities company ATCO Ltd to build and operate hydrogen refueling facilities for vehicles in Western Australia.

ATCO shares took on $1.17, or 3.3%, to $36.51.

Canada's Big Six banks all said they will reduce interest rates on credit cards to provide relief to customers affected by the COVID-19 pandemic.

Royal shares picked up $3.17, or 3.9%, to $85.25. National shares acquired $2.19, or 4.3%, to $53.01.

Scotiabank gained 95 cents, or 1.7%, to $55.54, while TD jumped $2.07, or 3.7%, to $57.86.

CIBC shares hiked $4.16, or 5.4%, to $80.78. BMO gained $3.54, or 5.3%, to $70.49.

Canaccord Genuity cut the target price on CI Financial to $16.00 from $29.00. CI shares sprang to life $1.13, or 10.1%, to $12.30.

CIBC cuts target price on Docebo to $18.00 from $22.00. Docebo docked a penny to $14.61.

CIBC cut the target price on Enghouse Systems to $50.00 from $59.00. Shares in Enghouse traveled $1.19, or 2.8%, higher to $43.49.

ON BAYSTREET

The TSX Venture Exchange rebounded 8.32 points, or 2.2%, to 392.26.

All 12 TSX subgroups got off on the right foot, with consumer discretionary stocks soaring 5.1%, gold shinier 4.7%, and materials stronger 4.3%.

ON WALLSTREET

Investors took cheer early Monday morning from projections that, perhaps, the spread of the deadly coronavirus worldwide was losing steam.

The Dow Jones Industrials vaulted 1,067.67 points, or 5.1%, to fire out of the starting blocks at 22,120.20.

The broader S&P 500 gained 119.99 points, or 4.8%, to 2,609.35.

The NASDAQ Composite leaped 346.75 points, or 4.7%, to 7,722.07.

In the U.S., growth in new cases slowed to 8.2% from 12.3% over the weekend, and the fatality rate declined in both Italy and Spain.

Several Dow components were on the march to begin a short week, American Express sprouted $8.30, or 11.3%, to $81.90, while the beleaguered plane maker Boeing soared $12.87, or 10.3%, to $137.39.

Raytheon raced ahead $4.92, or 9.9%, to $54.85.

Prices for the 10-Year U.S. Treasury sagged, lifting yields back to 0.65% from Friday’s 0.62%. Treasury prices and yields move in opposite directions.

Oil prices dropped 88 cents to $27.46 U.S. a barrel.

Gold prices tacked on $44.40 to $1,690.10 U.S. an ounce.