Indices on Canada’s main stock market opened higher on Monday, led by material stocks which tracked firmer bullion prices, as a clutch of upbeat economic data bolstered optimism over an economic rebound.
The TSX tacked on 35.15 points to begin the week at 18,886.47.
The Canadian dollar skidded 0.13 cents to 80.07 cents U.S.
Canaccord Genuity raised the rating on Crew Energy to speculative buy from hold. Crew shares took hold of three cents, or 2.6%, to $1.19.
JP Morgan raises target price on Franco-Nevada to $205.00 from $198.00. Franco-Nevada jumped $2.65, or 1.8%, to $153.11.
Citigroup raised price target on TCP Energy to $67.00 from $65.00. TCP shares took on 16 cents to $58.40.
On the economic slate, Statistics Canada said manufacturing sales rose 3.1% to $56.2 billion in January, exceeding the level observed before the COVID-19 pandemic (February 2020) for the first time.
Higher sales of wood products, computer and electronic products, and primary metals contributed the most to the gains.
Elsewhere, Canada Mortgage and Housing Corporation reported the trend in housing starts was 242,777 units in February, down from 244,963 units in January. The Seasonally Adjusted Annual Rate of urban starts decreased by 14% in February to 231,042 units.
ON BAYSTREET
The TSX Venture Exchange leaped 11.94 points, or 1.2%, to 994.17.
Eight of the 12 TSX subgroups moved higher, with health-care haler 2.1%, gold brighter by 1.8%, and materials stronger by 1%.
The four laggards were weighed most by energy, sputtering 0.7%, financials, down 0.5%, and information technology off 0.2%.
ON WALLSTREET
Stocks were flat on Monday, with the Dow Jones Industrials and S&P 500 hovering near record highs as optimism about COVID-19 vaccines and economic reopening continued to provide broad support for the market.
The 30-stock index inched higher 20.01 points to 32,798.65.
The S&P dipped 5.08 points, to commence trading on Monday at 3,938.32.
The NASDAQ Composite regained 13.86 points to 13,333.72.
Stocks that will benefit most from a swift economic comeback from the pandemic led the gains. American Airlines perked 9% and United Airlines shares were up 6%. Boeing jumped 1.7%, and Gap added 1.3%.
Investors will be gearing up for Wednesday when the Federal Reserve will deliver its decision on interest rates. The central bank is expected to acknowledge much better growth in the economy. Bond pros are also watching to see whether Fed officials will tweak their interest rate outlook, which now does not include any rate hikes through 2023.
On the vaccine front, President Joe Biden announced last week that he would direct states to make all adults eligible for the vaccine by May 1. Biden also set a goal for Americans to be able to gather in person with their friends and loved ones in small groups to celebrate the Fourth of July.
Prices for 10-Year Treasurys moved higher, dropping yields to 1.61% from Friday’s 1.63%. Treasury prices and yields move in opposite directions.
Oil prices faltered $1.03 to $64.58 U.S. a barrel.
Gold prices grew $11.60 to $1,731.40.
