Canada's main stock index rose on Monday as higher oil prices boosted the stocks of energy companies, while big banks also gained as investors bet that the U.S. Federal Reserve will hold rates steady this week.
The S&P/TSX Composite regained 60.39 points by early afternoon to 14,511.08
The Canadian dollar regained 0.11 cents to 75.59 cents U.S.
Canada’s biggest banks were among the index's most influential gainers with Bank of Nova Scotia up 0.9% to $70.56 and Toronto-Dominion Bank advancing 0.6% to $57.53.
Insurer Manulife Financial Corp added 1.3% to $18.27 and the overall financials group gained.
Among energy concerns, Canadian Natural Resources Ltd rose 1% to $38.97 and Encana Corp was up 2.3% to $13.17.
The materials group, which includes precious and base metals miners and fertilizer companies, added strength, with diversified miner Teck Resources up 1% to $24.35.
ON BAYSTREET
The TSX Venture Exchange remained positive 3.92 points to 803.16
All 12 TSX subgroups were higher midday Monday, led by real-estate, stronger by 1.1%, health-care, haler 0.9%, and gold, up 0.7%.
ON WALLSTREET
U.S. equities still traded mostly higher on Monday, with oil advancing more than 1%, as investors geared up for two key central bank meetings.
The Dow Jones Industrials stayed in the green 18.69 points to 18,142.49, off its highs of the morning, with IBM leading advancers and Verizon the top decliner.
The S&P 500 added 3.15 points to 2,142.31, with financials rising about 1% and with real-estate kicking off its first day as a sector in the index.
The NASDAQ Composite had settled into the red 3.91 points to 5,240.65, as Apple fell 1%.
Stateside, the latest read on the Housing Market Index showed homebuilder sentiment spiked to its highest level in nearly a year.
The U.S. Federal Reserve and the Bank of Japan (BOJ) are both scheduled to deliver their latest decision in monetary policy Wednesday. Market expectations for a Fed rate hike this week are just 12%, but roughly 50% for a rate jump by the end of the year.
The BOJ, meanwhile, is expected to take some action, as speculation points to a possible rate cut deeper into negative territory.
Prices for the 10-year Treasury were unchanged, keeping yields at Friday’s 1.69%.
Oil prices strengthened 47 cents at $43.50 U.S. a barrel
Gold prices jumped $6.70 at $1,316.90 U.S. an ounce.
