Canada's main stock index rose on Monday as energy stocks benefited from higher oil prices and Valeant Pharmaceuticals International Inc gained after an analyst upgrade.
The S&P/TSX Composite gained 33.24 points to greet noon at 14,780.69.
The Canadian dollar gained 0.28 cents to 77.46 cents U.S.
The most influential gainers also included the index's two big railway stocks, with Canadian Pacific Railway up 0.9% to $192.93 and rival Canadian National Railway adding 0.4% to $82.16.
Suncor Energy advanced 1% to $36.81, and Encana Corp added 1.5% to $12.36.
Drug maker Valeant gained 5.2% to $34.00, as Mizuho upgraded its recommendation on the stock to neutral. The stock had jumped and then plunged last week after announcing a strategic overhaul before a report it is the subject of a criminal probe.
On the economic beat, the Canadian Real Estate Association reported this morning that national home sales declined – 1.3% -- for a third consecutive month in July 2016. Actual (not seasonally-adjusted) activity came in 2.9% below July 2015.
ON BAYSTREET
The TSX Venture Exchange gained 4.37 points to 837.66
Eight of the 13 subgroups were positive at noon, with health-care improving 1%, energy up 0.8%, and industrials up 0.6%
The three laggards were weighed by telecoms, down 0.2%, while consumer staples and consumer discretionaries were each down 0.1%.
Metals and mining stocks were unchanged, likewise financials.
ON WALLSTREET
U.S. stocks traded higher on Monday, with the three major indexes hitting new records, as investors kept an eye on oil prices.
The Dow Jones Industrials jumped 80.5 points to 18,656.97, with Boeing and Goldman Sachs contributing the most gains.
The S&P 500 picked up nine points to 2,193.03, with materials leading. Twenty-nine S&P components hit new 52-week highs, including Sysco — which reported quarterly results before the bell, Ross Stores and Procter & Gamble.
The NASDAQ Composite gained 33.18 points to 5,266.08
On the data front, the Empire State Manufacturing survey index fell five points to -4.2.
Other data released Monday included the NAHB housing index, which showed homebuilder sentiment rose two points. The SPDR S&P Homebuilders ETF rose 1%, led higher by Toll Brothers, which was up about 2.7%.
On the earnings front, several firms, including Home Depot, Lowe's and Cisco Systems, are scheduled to report results this week.
Last week, retail giant Macy's posted better-than-expected results.
Prices for the 10-year Treasury strengthened, lowering yields back to Friday’s 1.54%. Treasury prices and yields move in opposite directions.
Oil prices gained 97 cents a barrel to $45.46 U.S.
Gold prices hiked $4.60 to $1,347.80 U.S. an ounce.
