Stocks on Bay Street have opened the new trading week with the bulls in charge as the USD continues to fall on G20 reports of limited intervention that has sent commodities back on the rise benefiting the resource heavy Canadian exchanges.
The S&P/TSX Composite is trading up by 69.02 points, or .55%, to 12,670.20.
The price of oil for November delivery is up; gaining 1.78% to $83.14.
Gold for December delivery is green at the moment; up $18.90 to $1,343.30.
The Canadian Dollar is up against the US Dollar at the moment; up by .0094 of a cent to .983005 U.S. cents.
MORNING NEWS --
Shares of Equinox Minerals are on the climb this morning as the Company announced that it would buy Australian-listed Citadel Resource Group for $1.23 billion. Shares of EQN are 2.94% to $5.95.
Shares of Shaw Communications moved north this morning on news that the cable company can proceed with its $2 billion purchase of the television assets of distressed media company Canwest Global. Shares of SJR.B are up .95% to $22.33.
Spartan Exploration Ltd announced that it expects to exceed its third-quarter production target and that it remains on track to meet or exceed its fourth-quarter production view. Shares of SPE are 1.33% to $3.05.
ON BAYSTREET
Twelve of the TSX Subgroups are in the green today. Metals and mining are up by 2.35% followed by base metals; up 1.41% and then materials; up 1.38%.
On the downside – Health care issues are down .26% and utilities are down .05%.
The TSX Venture Exchange is up by 23.69 points to 1901.92, while the Nasdaq Canada index is also in the green; up by 10.01 points to 645.59.
ON WALLSTREET
Stocks have come out of the gates strong in early morning trading after leaders at the G20 meeting vowed to better balance global trade. The results in early trading have pushed gold and oil higher while the dollar continues to fall.
The Dow Jones Industrial Average is up by 70.77 points, or .64% to 11,203.33. The S&P 500 is up by 9.96 points, or .80%, to 1,192.58. The NASDAQ is also in the green; up 21.26 points, or .86%, to 2,500.69.
The US Dollar is down against the euro by .0072 and losing ground against the yen; down .0960.
Oil futures for November delivery are up $1.45 to $83.14.
The 10-year bond yield is down .052 to 2.5110%.
AT THE OPEN --
Bank of America Corp reported that they have some mistakes in foreclosure files as has started the process of resubmitting documents in 102,000 cases, although the Company did state that it did not find any major mistakes or any evidence of wrongful foreclosures. Shares of BAC are
The Financial Select Sector (SPDR Fund) is leading the way for stocks first thing this morning as it popped up 1% immediately on news of Goldman Sachs adding Citigroup to its conviction to buy list. Shares of Citigroup are up 2.68% to $4.22 in early trading.
Energy stocks are also moving ahead firmly this morning. The NYSE Arca Oil Index is up .92%, the NYSE Arca Natural Gas Index is up an even 1% and the Philadelphia Oil Service Index has shot up 1.77%.
Cliffs Natural Resources is leading the gainers with a quick move up 3.37% to $66.78 this morning.
