Equities in Canada’s largest centre rose at the open on Monday, aided by gains in energy stocks as oil prices climbed sharply.
The TSX advanced 53.06 points to kick off Monday 20,595.09.
The Canadian dollar gained 0.87 cents to 75.02 cents U.S.
With the Canadian earnings season in full swing, oil and gas company Ensign Energy Services reported a 46% surge in first-quarter revenue from a year earlier. Shares in Ensign fell, however, 10 cents, or 3.9%, to $2.45.
On the research front, National Bank on Sunday upgraded news and information company Thomson Reuters to "outperform" from "sector perform". Thomson shares gained 66 cents Monday to $161.03.
TD Securities upgraded Canadian auto-parts maker Magna International to "buy" from "hold". Shares in Magna gave back 11 cents to $72.18.
ON BAYSTREET
The TSX Venture Exchange took on 3.12 points, to open at 618.82.
The 12 TSX subgroups were evenly divided, as energy surged 1%, industrials jumped 0.6%, and utilities acquired 0.5%.
The half-dozen laggards were led by communications, sliding 0.9%, health-care, dipping 0.5%, and materials falling 0.4%.
ON WALLSTREET
Stocks fell on Monday as investors anticipate inflation data due out this week, while bank shares advanced.
The Dow Jones Industrials 97.33 points to open Monday at 33,577.05.
The S&P 500 slipped 6.59 points to 4,129.66.
The NASDAQ Composite faltered 38.2 points to 12,197.22.
Shares of PacWest outperformed, surging 28%, after the bank cut its dividend. Big banks Citigroup, Wells Fargo, JPMorgan Chase and Morgan Stanley also rose.
Elsewhere, shares of Disney rose more than 2.3% in early trading. The company is set to report quarterly results on Wednesday.
Meanwhile, Berkshire Hathaway Class A shares rose more than 1% after Warren Buffett’s conglomerate reported its first-quarter results. The conglomerate showed operating earnings increase 12% in the first quarter, while its cash hoard topped $130 billion. Buffet personally discussed topics including the latest banking crisis that rocked Wall Street, at Berkshire Hathaway’s annual meeting in Omaha, Nebraska.
Investor attention will turn to April’s consumer price index due out Wednesday, followed by the producer price index on Thursday. Stocks are coming off a volatile week that saw the Dow Jones Industrial Average and S&P 500 notch their worst weekly stretches since March. The losses came despite a late-week rally that saw volatile regional bank stocks jump off their lows.
Prices for the 10-year Treasury sagged, raising yields to 3.51% from Friday’s 3.44%. Treasury prices and yields move in opposite directions.
Oil prices leaped $1.53 to $72.87 U.S. a barrel.
Gold prices picked up $6.80 to $2,031.60 U.S. an ounce.
