The Toronto stock market gained ground as commodities prices picked up and the results of stress tests of Spain’s banking sector were received with cautious optimism.
The S&P/TSX composite index grew 86.35 points to approach noon at 12,403.81
The Canadian dollar strengthened 0.22 Monday morning to 101.85 cents U.S.
Energy stocks paced the morning drive, Bankers Petroleum showing the biggest gain at 4.4%.
Global base metals climbed on the shoulders of Century Aluminum, up 3.9%, while Teck Resources jumped 1.5%.
Health-care issues were healthier, with Valeant Pharmaceuticals climbing 2.7%.
On the economic slate, Statistics Canada said its Industrial Product Price Index edged down 0.1% in August from July, due mostly to lower prices for motor vehicles and other transportation equipment.
The agency’s Raw Materials Price Index rose 3.4% in August, mostly because of higher prices for mineral fuels, specifically crude oil.
ON BAYSTREET
The TSX Venture Exchange climbed 6.63 points to 1,341.14
All but one of the 14 Toronto subgroups gained ground at noon, led by the energy and global base metals groups, each up 1.4%, while health-care gained 1.3%.
The lone naysayer was in real-estate, down 0.3%.
ON WALLSTREET
A modest rally gained momentum on Wall Street Monday as investors welcomed an encouraging reading on U.S. manufacturing activity.
The Dow Jones Industrial average leaped 146.85 points, or 1.1%, to break for noon at 13,584.
The S&P 500 gained 12.26 points to 1,452.95, while the tech-rich Nasdaq added 12.03 points to 3,128.25
Financial stocks led the way. Shares of Goldman Sachs were up almost 4%, while Bank of America, JPMorgan Chase and Morgan Stanley were all up between 2% and 3%.
Shares of Ceradyne leaped 43% after 3M announced it would purchase the ceramic components maker for $860 million U.S.
Nokia shares gained ground on news the mobile phone maker signed a mapping service deal with Oracle
The prospects of a huge consolidation in the international mining industry looked brighter, after Xstrata's board of directors said it was backing a revised offer from Glencore International.
On the economic calendar, the Institute for Supply Management's manufacturing index, a survey of purchasing managers, came in at 51.5 for September, marking the first expansion in the U.S. manufacturing sector in four months.
The price on the benchmark 10-year U.S. Treasury gained, lowering yields to 1.63% from Friday’s 1.64%. Treasury prices and yields move in opposite directions.
Oil prices took on 44 cents to $92.65 U.S. a barrel.
Gold futures for December delivery gained $14.70 to $1,788.60 U.S. an ounce.
