Equities in Canada’s largest market were firing on most, if not all, cylinders Monday, propped up by a surge in energy stocks.
The S&P/TSX Composite shot higher 175.84 points, or 1.2%, to close Monday at 15,039.87
The Canadian dollar added 0.48 cents at 74.52 cents U.S.
The most influential movers on the index included Suncor Energy, which rose 99 cents, or 2.4% to $42.80, and Canadian Natural Resources, up 99 cents, or 2.3% to $44.08.
Both major oil producers have gained around 9% since Nov. 11.
Moveover, Encana Corp advanced 59 cents, or 3.7%, to $16.37.
Shares in TransAlta Corp, the country's largest operator of coal-fired plants, declined five cents to $5.57, as Canada announced on Monday it will virtually eliminate the use of traditional coal-fired electricity by 2030.
In the materials sector, Teck Resources jumped $1.20, or 3.9%, to $32.00
Among industrials, Canadian National Railways vaulted $1.49, or 1.7%, to $88.49, while rival Canadian Pacific advanced $2.71, or 1.4%, to $199.50
The financials group gained, with Royal Bank of Canada up $1.63, or 1.9% to $88.95, while Manulife Financials took on 16 cents to $23.11.
Health-care stocks, however, were not faring so well, as Canopy Growth Corporation got bruised $2.12, or 16.8%, to $10.48.
On the economic slate, Statistics Canada reported that wholesale trade decreased 1.2% to $56.0 billion in September, following increases in four of the previous five months.
Declines were recorded in five sub-sectors, led by lower sales in the machinery, equipment and supplies and the miscellaneous sub-sectors.
ON BAYSTREET
The TSX Venture Exchange hung onto gains of 1.26 points to close the session at 747.93
All but three of the 12 TSX subgroups were positive Monday with energy vaulting 3.1%, materials ahead 1.6%, and industrials better by 1.1%.
The laggards were health-care, down 0.9%, telecoms, sliding 0.3%, and utilities, off 0.1%.
ON WALLSTREET
U.S. equities closed higher on Monday, led by energy stocks, as oil prices rose on renewed optimism that the Organization of the Petroleum Exporting Countries was closing in on a deal to cut production.
The Dow Jones Industrials gained 88.76 points to close Monday at 18,956.69, surpassing previous closing records of 18,923.06. IBM led advancers and 3M proved the biggest decliner of the Dow 30.
The S&P 500 hiked 16.28 points at 2,198.18 during midday trade and closed at a record high as the energy sector gained 2.2%
Not to be outdone, the NASDAQ composite index strengthened 47.35 points to 5,368.86, also hitting a new record high.
In corporate news, Tyson Foods shares plunged more than 14%, after the firm reported weaker-than-expected quarterly results.
There were no major economic reports due Monday. However, Federal Reserve Vice Chairman Stanley Fischer delivered remarks about how fiscal policy can help boost productivity and, in turn, lower the burden of supporting the economy on the central bank.
Later this week, to be shortened by the Thanksgiving holiday on Thursday, the Fed is scheduled to release the minutes of its November meeting. That said, one expert remarked the minutes are likely to have little impact on the market since the odds of a rate hike next month are so high.
Analysts’ market expectations for a December rate increase are at more than 95%
Treasury prices for the 10-year note gained slightly, lowering yields to 2.32% from Friday’s 2.34%. Treasury prices and yields move in opposite directions
Oil prices gained $1.80 to $47.48 U.S. a barrel
Gold prices took on $3.60 to $1,212.30 U.S. an ounce.
