Canada's main stock index opened higher on Monday on gains in energy and mining companies, as investors closely tracked developments around the Russia-Ukraine crisis.
The S&P/TSX Composite Index surged 38.85 points to start the day and the week at 21,991.80.
The Canadian dollar recovered 0.27 cents to 80.10 cents U.S.
Canada on Monday will reportedly announce its support for General Motors' multi-billion-dollar investment in two plants, including one that will produce electric commercial vehicles.
The Kyrgyzstan government on Monday said it had reached an out-of-court settlement with Centerra Gold over ownership and management of the Kumtor gold mine, ending a series of legal challenges launched by both parties over the past year. Centerra shares dumped 13 cents, or 1%, to $12.43.
RBC assumed coverage on BRP with an outperform rating and a $128.00 target price. BRP shares hiked $1.29, or 1.2%, to $104.96.
Berenberg cut the target price on Endeavour Mining to $42.00 from $44.00. Endeavour shares grew 45 cents, or 1.4%, to $32.06.
Canaccord Genuity cut the price target on WELL Health Technologies to $10.00 from $12.00. WELL shares increased 22 cents, or 4.4%, to $5.23.
Economically speaking, Statistics Canada reported the total value of building permits rose 21.0% to a record $12.4 billion in February, with British Columbia leading the way.
The agency went on to say construction intentions in the residential sector were up 9.8%, while the non-residential sector jumped 43.2%.
ON BAYSTREET
The TSX Venture Exchange shot higher 10.41 points, or 1.2%, to 907.83.
The12 TSX subgroups were evenly divided, with information technology sprinting 1.9%, while consumer staples and energy each up 0.5%.
The half-dozen laggards were weighed most by health-care and gold, down 0.8% each, while utilities settled 0.7%.
ON WALLSTREET
U.S. stocks were mostly flat Monday as traders monitor the bond market’s warning signals about the economy and higher oil prices.
The Dow Jones Industrials dipped 10.85 points to 34,807.42
The S&P 500 was ahead 15.03 points to 4,560.89.
The NASDAQ Composite jumped 148.78 points, or 1.1%, to 14,410.28.
Twitter gave the NASDAQ a lift after shares surged more than 21% following news that Elon Musk purchased a 9.2% passive stake in the company. Starbucks shares, meanwhile, dipped about 4% after the coffee chain suspended its share repurchase program.
Banks declined as a flattening yield curve could mean lower profits for the group ahead. JPMorgan and Morgan Stanley dropped 1% apiece as Wells Fargo analyst Mike Mayo trimmed his price targets on the pair.
April is typically one of the best months for stocks, edging higher in the last 20 years by 2.41% on average, MKM Partners’ JC O’Hara wrote in a note. Within 16 of the last 17 Aprils, the S&P has also inched higher.
Treasury prices sagged, with yields leaping to 2.43%, from Friday’s 2.37%. Treasury prices and yields move in opposite directions.
Oil prices dropped $3.60 to $102.87 U.S. a barrel.
Gold prices surged $8.80 to $1,932.50 U.S. an ounce.
