Equities in Canada’s biggest market rose to a two-week high on Monday, led by energy and mining stocks as oil and gold rallied.
The S&P/TSX Composite Index rocketed 122.57 points to begin the week at 13,871.15
The Canadian dollar recovered 0.28 cents to 77.57 cents U.S.
Penn West Petroleum said on Monday it might be in default on its financial covenants at the end of the second quarter and raised doubts about its ability to continue as a going concern.
Penn West shares docked eight cents, or 7.6%, to 97 cents.
David Tepper's hedge fund Appaloosa bought nearly one million shares in Valeant Pharmaceuticals International in the first three months of 2016, according to regulatory filings, but sold them during the first quarter.
Valeant shares declined 79 cents, or 2.4%, to $32.77.
RBC raised the price target on Valener Inc. to $23.00 from $19.00
Valener shares acquired 12 cents to $22.35.
On the economic beat, the Canadian Real Estate Association reported national home sales in April 2016 rose to their highest level ever, with sales hiking by 3.1% from March to April. Actual (not seasonally-adjusted) activity was up 10.3% compared to April 2015.
ON BAYSTREET
The TSX Venture Exchange grew 6.21 points to 685.89
All but one of the 13 TSX subgroups were higher, with metals and mining leading the pack, up 3.8%, gold, ahead 2.6%, and energy, better 2.4%.
The lone laggard proved to be health-care, down 0.6%.
ON WALLSTREET
U.S. stocks rose in choppy trade Monday, led by energy stocks as oil prices hit fresh highs for the year so far.
The Dow skyrocketed 82.39 points to 17,617.71, with Apple temporarily rising 3% to contribute the most to gains. Caterpillar, Chevron and Exxon Mobil were also among the top contributors to gains.
The S&P 500 moved up 7.36 points to 2,053.97. Energy remained about 1.5% higher to lead most S&P 500 sectors higher.
The NASDAQ Composite rose 20.98 points to 4,738.66
In U.S. economic news, the Empire State Manufacturing report was minus 9.02 in May versus positive 9.56 in April.
Home builder confidence was unchanged for a fourth-straight month, at 58 in May according to the National Association of Home Builders
Prices for the 10-year Treasury dropped, raising yields to 1.75% from Friday’s 1.7%. Treasury prices and yields move in opposite directions.
Oil prices hiked $1.49 a barrel to $47.70 U.S.
Gold prices jumped $12.37 to $1,285.82 U.S. an ounce.
