The Toronto stock market registered a solid advance Monday, building on gains racked up last week in the wake of stronger than expected economic growth numbers from Canada and the United States.
The S&P/TSX composite index moved higher 54.67 points to close the session at 14,663.92
The Canadian dollar fell 0.12 cents to 85.95 cents U.S.
The TSX is on the way to a gain of around 8% for 2014, with the market getting a lift of 1% last week after data showed Canada's gross domestic product rose by 0.3% in October, beating economists' expectations of 0.1% growth for the month.
Energy stocks have been heavily punished along with Toronto's energy group, down about 16% year to date, while traders wonder how low crude oil prices can go.
The TSX energy sector slipped as February crude in New York erased early gains to slide. Prices had been higher during the morning on reports of a fire affecting oil-storage terminals in Libya. Imperial Oil gave back 49 cents to $50.70.
However, all other sectors advanced with the base metals group ahead as March copper rose one cent to $2.82 U.S. a pound. Teck Resources tacked on 35 cents, or 2.3%, to $15.85.
The gold sector was also up as Goldcorp added 13 cents to $20.70
Outside the resource sectors, financials were ahead, with Toronto Dominion up 41 cents to $55.75,while industrials climbed, with Bombardier nicked up seven cents to $4.05.
ON BAYSTREET
The TSX Venture Exchange gained 7.29 points to 681.61
All but one of the 14 Toronto subgroups were positive, within global base metals growing 1.5%, information technology up 1.1%, and metals and mining moving up 0.7%.
The lone laggard was energy, down 0.2%.
ON WALLSTREET
U.S. stocks traded narrowly mixed on Monday, amid declining oil prices and pressure on European stocks from Greece's failure to elect a president.
The Dow Jones Industrials nosed lower 15.48 points to 18,038.23, with Southwest Airlines the only airline in the red. Alaska Air, JetBlue and Delta gained. Elsewhere on the big board, JPMorgan Chase led gains and IBM was the greatest laggard.
The S&P 500 added 1.81 points to 2,090.58, with utilities leading gains in six of the sectors and information technology the greatest laggard.
The NASDAQ index squeaked higher 0.05 points to 4,806.91.
Airline stocks were also in focus after the disappearance of AirAsia flight QZ8501.
In other market news, the burger chain Shake Shack filed with U.S. regulators on Monday for an initial public offering of common stock with a nominal fundraising target of $100 million U.S.
Crude oil futures settled to their lowest since May 1, 2009.
Low oil prices have hurt the energy-sensitive region of Texas, according to December figures from the Dallas Manufacturing Survey. The general business activity index fell to 4.1 from 10.5, the weakest level since March.
Greek stocks fell as much as 11%, as a snap election seemed inevitable for January 25. The result of a parliamentary vote did not come as a surprise, with many analysts saying prior to the vote that the Greek government needed a "miracle" to avoid a general election.
Prices for 10-year U.S. Treasuries gained ground, lowering yields to 2.20% from Friday’s 2.24%. Treasury prices and yields move in opposite directions.
Oil prices toppled $1.09 per barrel to $53.64 U.S.
Gold prices retreated $21.50 an ounce at $1,182.40 U.S.
