Equities in Canada’s largest centre rallied to a nearly four-week high on Monday, led by mining stocks as gold and silver climbed, while financial and energy stocks also advanced.
The S&P/TSX Composite zoomed 210.8 points, or 1.5%, to greet noon at 14,275.36
Gains for the index follow a 1.2% advance last week and a 4.2% gain for the second quarter.
The Canadian dollar leaped 0.45 cents to 77.90 cents U.S.
Silver Wheaton Corp rallied 6.2% to $32.28 and Barrick Gold climbed 5.1% to $28.98, while the overall materials group, which includes precious and base metals miners and fertilizer companies, added 4.7%.
Royal Bank of Canada rose 0.9% to $76.99, while Brookfield Asset Management Inc was up nearly 3% at $44.02.
The Bank of Canada said Monday that Canadian business sentiment remained subdued in the second quarter, as the drag of cheaper oil prices and modest domestic demand canceled out the boost from foreign demand.
Adjusted for seasonal influences, the RBC Canadian Manufacturing Purchasing Managers’ Index registered 51.8 in June, down from 52.1 in May. Although the index posted above the 50.0 no-change value for the fourth month running, the latest reading signaled only a marginal upturn in overall business conditions and the weakest pace of improvement since March.
Oil prices faded 14 cents to $48.85 U.S.
Gold stocks shot higher $14.90 to $1,353.90 U.S.
ON BAYSTREET
The TSX Venture Exchange rocketed 13.46 points, or 1.8%, to 743.90
All 13 subgroups were higher midday, as metals and mining jumped 6.5%, materials popped 4.8%, and gold was 3.6% higher.
ON WALLSTREET
American markets are closed for the 4th of July holiday, to reopen Tuesday.
