Equities in Canada’s largest centre opened higher on Monday, with energy firms leading gains as strong commodity prices lifted sentiment and investors clung to hopes of lower rate hikes from the world's largest economy.
The TSX collected another 143.97 points, to burst into the new week at 19,958.48.
The Canadian dollar sprang up 0.33 cents, or 1.7%, at 74.74 cents U.S.
First Quantum said that it would suspend many jobs at its operations in Panama if the government forces the metal miner to halt operations during a contract dispute. First Quantum shares rocketed $1.25, or 4.2%, to $31.09.
Nuvei Corp agreed to buy U.S. payments technology platform Paya Holdings for $1.3 billion, as the fintech firm seeks to expand its footprint in the U.S. Nuvei shares backed off 87 cents, or 2.4%, to $35.54.
Tilray Brands reported a second-quarter loss, which was at par with analyst expectations. The cannabis company lost 19 cents in price, or 4.8%, to begin Monday trading at $3.77.
On the economic slate, the seasonally adjusted IVEY PMI fell to 33.4 last month from 51.4 in November, its lowest level since April 2020 and well below the 50 threshold that indicates a decrease in activity, while building permits jumped in number 14.1% in November to $11.0 billion, rebounding after two consecutive monthly losses. during November, that word from Statistics Canada.
ON BAYSTREET
The TSX Venture Exchange also resumed its upward trend, improving 9.83 points, or 1.7%, to 591.72.
Eight of the 12 subgroups were in the green at the start of the day, with energy up 2.6%, information technology, better by 1.3%, and industrials, up 0.5%.
The four laggards were weighed most by gold and health-care, dipping 0.4% each, while consumer discretionary eased back 0.3%.
ON WALLSTREET
Stocks rose Monday as investors tried to build on a sharp rally from the previous session.
The Dow Jones Industrials surged 173.67 points to open Monday at 33,804.28.
The S&P 500 points took on 39.61 points, or 1%, to 3,934.69.
The NASDAQ Composite Index leaped 189.21 points, or 1.8%, to 10,758.51.
That follows a winning week for the three major indexes, with the Dow and S&P 500 posting their best weeks since November. A chunk of those gains came Friday, with the Dow rallying 700 points, while the S&P 500 gathere3d 2.3% and NASDAQ advanced 2.6%. Those gains were spurred by the latest batch of economic data released Friday.
Investors will watch for consumer expectations and consumer credit data coming later in the day. They will also watch for December’s consumer price index report coming Thursday and big bank earnings scheduled for Friday.
Prices for the 10-year Treasury sagged, raising yields to 3.58% from Friday’s 3.56%. Treasury prices and yields move in opposite directions.
Oil prices gathered $2.28 to $76.05 U.S. a barrel.
Gold prices climbed $10.90 to $1,880.60 U.S. an ounce.
