Stocks in Toronto opened higher on Monday, led by gains in gold plays while industrial names also moved higher and energy stocks weighed.
The S&P/TSX composite index added 65.15 points, to begin a shortened week at 13,089.45
The Canadian dollar inched up 0.02 cents to 71.67 cents U.S.
Bank of Canada Governor Stephen Poloz told the media Friday the Canadian dollar and the price of oil move "like a pair of train tracks" and trying to stop exchange rates from shifting could hinder the economy's ability to absorb shocks.
Barclays cut the price target on Canadian Pacific Railway to $190.00 from $210.00. CP stock began the session at $128.73, down $1.28.
Jefferies raised the price target on CGI Group to $55.00 from $54.00, with a hold rating. CGI shares gained 57 cents, or 1%, to $55.93.
Paradigm initiated coverage on Klondex Mines with a buy rating. Klondex shares picked up a nickel, or 1.8%, to $2.80.
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ON BAYSTREET
The TSX Venture Exchange inched up 0.41 points to 501.71
All but two of the 13 TSX subgroups were higher in the first hour, gold soaring 2.1%, while health-care gained 0.9%, and consumer staples picked up 0.8%.
The two laggards were utilities, down 0.4%, and energy, sliding 0.2%.
ON WALLSTREET
U.S. stocks traded higher Monday, attempting to bounce from a sharp selloff last week, as investors eyed low oil prices in a shortened trading week.
The Dow Jones industrial average recovered 119.33 points to 17,247.88, after a loss Friday of more than 360 points. Goldman Sachs was among the top contributors to gains.
The S&P 500 reacquired 11.06 points to 2,016.61. Financials traded about 1% to hold among the top S&P 500 advancers, while energy tried to shake off pressure from oil's continued decline.
Both the S&P and Dow are still negative year-to-date.
The NASDAQ index moved higher 37.86 points to 4,960.64
Prices for the 10-year Treasury gained, lowering yields to 2.19% from Friday’s 2.20%. Treasury prices and yields move in opposite directions.
Oil prices slipped 67 cents a barrel to $34.06 U.S.
Gold prices hiked $11.87 to $1,078.12 U.S. an ounce.
