Equities in Canada’s largest centre rose on Monday, aided by an over 1% jump in energy stocks on the back of higher crude prices, while upbeat results by Cargojet Inc. further lifted prospects of strong corporate earnings.
The S&P/TSX Composite index jumped 106.62 points to 21.143.69
The Canadian dollar poked up 0.03 cents to 80.74 cents U.S.
Cargojet, for its part, began the session down $5.65, or 2.9%, to $191.40.
Rival factions claiming control of Rogers Communications board will face off in court on Monday, after a feud in the founding family erupted into the open, weighing on the stock and raising doubts about the fate of a multi-billion-dollar takeover.
Rogers shares gained 58 cents, or 1%, to $58.14.
Cormark Securities cut the target price on Agnico Eagle Mines to $93 from $100. Agnico picked up 37 cents to $66.06.
On the economic front, Markit Canada said its Purchasing Managers manufacturing index registered at 57.7 in October, up from 57.0 in September.
ON BAYSTREET
The TSX Venture Exchange regained 11.32 points, or 1.2%, to 961.75.
All but one of the 12 TSX subgroups began the session pointed upward, health-care zooming 1.8%, consumer discretionary stocks better by 1.3%, and information technology clicking 1.1%.
Only real-estate missed the party, down 0.7%.
ON WALLSTREET
Stocks were mixed on the first trading day of November as markets emerged from the historically tough seasonal period successfully.
The Dow Jones Industrials took on 90.73 points to 35,910.29, helped by gains in Boeing and JPMorgan, and hit a fresh record at the open.
The S&P 500 gave back 4.39 points to 4,600.44
The NASDAQ Composite forged ahead 18.45 points to 15.516.84.
Tesla, which became a $1-trillion company last week, continued its gains for the year with shares up more than 2%. Investors have been piling into bets on Tesla options as of late.
Stocks linked to an economic recovery, such as Ford and Occidental Petroleum, were also higher. Ford gained 1% and Occidental Petroleum popped 2.5%. Airlines and retailers were mostly in the green, while mega-cap tech stocks underperformed.
Investors will also be monitoring the Federal Reserve’s two-day meeting Tuesday and Wednesday. The central bank is widely expected to announce that it will begin to unwind its $120 billion in monthly bond purchases and end the program entirely by the middle of next year.
Investors will get a look at the Institute for Supply Management’s manufacturing index for October, which is expected to fall to 60.3 from September’s 61.1. Any number above 50 is considered expansion.
Prices for 10-year Treasurys were lower, raising yields to 1.6% from Friday’s 1.56%. Treasury prices and yields move in opposite directions.
Oil prices gained 95 cents to $84.52 U.S. a barrel.
Gold prices jumped $9.60 to $1,793.50 U.S. an ounce.
