Stocks in Canada’s biggest market hit their highest level in more than a year on Monday as energy stocks jumped with rising oil prices amid improved risk sentiment.
The S&P/TSX Composite leaped 117.99 points to greet noon at 14,766.76
The Canadian dollar gained 0.09 cents to 75.99 cents U.S.
The most influential gainers included its biggest energy companies, with Suncor Energy, advancing 1.2% to $35.45 and Canadian Natural Resources up 1.8% to $41.33.
Teck Resources gained 5% to $21.97 and First Quantum Minerals added 3.8% to $11.90.
Whistler Blackcomb Holdings surged 42.9% to $35.92 after Vail Resorts said it would buy the operator of the Canadian ski resort for about $1.39 billion
On the economic scene, Statistics Canada reported that municipalities issued building permits worth $6.4 billion in June, down 5.5% from the previous month. Lower construction intentions for multi-family dwellings and institutional buildings were mostly responsible for the decline
ON BAYSTREET
The TSX Venture Exchange gained 8.73 points to 815.42
All but three of the 13 subgroups were higher, with metals and mining up 3.8%, energy better by 2.2%, and materials stronger by 1.8%.
The two laggards were consumer staples, down 0.4%, while utilities sank 0.1%. Information technology stocks were unchanged by noon.
ON WALLSTREET
U.S. stocks traded mostly lower on Monday, despite a rise in oil prices, as investors awaited retail sales data due later this week.
The Dow Jones Industrials faded 21.37 points to 18,522.16, with Merck contributing the most losses.
The S&P 500 dipped 1.95 points to 2,180.92, with health-care leading five sectors higher and energy the biggest riser.
The NASDAQ Composite dropped 10.31 points to 5,210.88
A slew of retail firms, including Nordstrom and Macy's, are scheduled to report quarterly results later this week.
In other corporate news, Allergan reported adjusted quarterly earnings of $3.35 U.S. per share and revenue of about $3.7 billion U.S., with profits beating estimates but revenues falling short. The firm's Alzheimer's drug, Namenda IR, lost patent exclusivity.
Auction house Sotheby's posted earnings per share that easily beat Wall Street estimates, with revenues also beating forecasts.
Meanwhile, Delta Air Lines experienced a nationwide outage, grounding all its flights.
There are no major economic data due Monday, but investors were looking ahead to July retail sales, due Friday.
Prices for the 10-year Treasury gained, dropping yields to 1.58% from Friday’s 1.59%. Treasury prices and yields move in opposite directions.
Oil prices picked up $1.19 a barrel to $42.99 U.S.
Gold prices doffed $3.30 to $1,341.10 U.S. an ounce.
