Stocks in Toronto moved noticeably out of negative territory Monday, following the sharpest drops Friday since the Brexit vote, perhaps borrowing some momentum from American markets amid dovish remarks from a U.S. Federal Reserve member.
The S&P/TSX Composite came out of the shadows to surge 57.06 points to 14,597.06
The Canadian dollar inched up 0.02 cents at 76.65 cents U.S.
Gold led the drive upward, as Iamgold climbed 63 cents, or 12.3%, to $5.74, while Yamana Gold screamed upward 30 cents, or 5.2%, to $6.04.
Tech stocks showed some oomph, too, as Open Text rocketed $7.04, or 9%, to $85.01, on purchasing Dell EMC’s Enterprise Content division. Intrinsyc Technologies took on 13 cents, or 8.4%, to $1.68.
Among materials, Teck Resources jumped 64 cents, or 3%, to $21.75.
Consumer staples proved the chief downer on Bay Street, as Alimentation Couche-Tard gave back 64 cents, or 1%, to $64.54, while Metro dropped 32 cents in price to $42.93.
Financials stubbed their toes, as Manulife fell 16 cents to $18.00, while CIBC slid 60 cents to $102.24.
ON BAYSTREET
The TSX Venture Exchange recovered 1.78 points to 813.94
Eight of the 12 TSX subgroups were positive to end the session, with gold hiking 3.3%, information technology progressing 2.4%, and materials up 2%
The four laggards were weighed most heavily by consumer staples, down 0.3%, while financials and utilities each stepped back 0.1%.
ON WALLSTREET
U.S. stocks rose sharply on Monday after a key Federal Reserve official advised "prudence" with regards to interest rates.
The Dow Jones Industrials zoomed 239.62 points, or 1.3%, to 18,325.07, after a near-400-point drop on Friday, with Wal-Mart leading advancers and DuPont the greatest laggard.
The S&P 500 recouped 31.23 points, or 1.5%, to 2,159.04, with telecoms leading all sectors higher.
The NASDAQ Composite leaped 85.98 points, or 1.7%, to 5,211.89, as Apple advanced about 2.2%.
Fed Governor Lael Brainard — a voting member of the central bank's policymaking committee — said, while economic progress continues, it would be wise for the Fed to keep monetary policy loose.
Prices for the 10-year Treasury were slightly higher, lowering yields to 1.67% from Friday’s 1.68%. Treasury prices and yields move in opposite directions
Oil prices regained 22 cents at $46.10 U.S. a barrel
Gold prices sank $2.70 at $1,331.80 U.S. an ounce.
