The Toronto stock market made some significant gains on Monday afternoon as oil and gold prices pushed ahead.
The S&P/TSX Composite Index stayed in triple digits all day and never stopped, closing 224.07 points, or 1.6% higher to 14,013.70
The Canadian dollar strengthened 0.85 of a cent at 102.33 cents U.S., as the U.S. dollar dropped to a four-and-a-half month low against the euro and slid against most other currencies as investors opted for bets they consider riskier.
The energy sector on the TSX moved up with shares in Suncor Energy Inc. gaining $1.54 to $44.63 apiece.
An improvement in investors’ risk appetite Monday was evident in the equities markets, with most indexes around the world up solidly at the start of a trading week that will likely to be dominated again by developments in Japan and Libya.
Shares in Uranium One added 14% or 55 cents to $4.48 after the board of Mantra Resources Ltd. agreed to support a reduced takeover offer from Russian uranium producer JSC Atomredmetzoloto, which said last week the original price was too high in light of Japan’s nuclear power crisis.
The revised offer affects Vancouver-based Uranium One Inc., which will have the right to buy Mantra from ARMZ at a reduced price. Uranium One will also have more time to buy Mantra than under the previous agreement. Mantra shares rose 23.6% or $1.26 to $6.60.
In corporate news, Lundin Mining Corp. has told its shareholders to reject a debt-financed takeover bid from Equinox Minerals, saying the unsolicited offer was "financially inadequate" and fraught with risks. Vancouver-based Lundin said the Equinox bid undervalued the company and would place considerable influence over business decisions in the hands of lenders.
Shares in Lundin lost three cents to $7.31, while Equinox shares picked up four cents to $5.28.
Workers at Teck Resources’ Elkview coal operation in southeastern British Columbia have rejected a tentative labour agreement reached last week. A strike at the mine will continue but the company says it will attempt to restart discussions with the union. Teck shares lost 50 cents to $52.87.
There were no economic reports to deal with on Canadian markets Monday.
ON BAYSTREET
The TSX Venture Exchange climbed 41.37 points to 2,285.24, while the Nasdaq Canada index tacked on 18.60 points to 784.36
In Toronto, all 14 subgroups were higher. Energy stocks climbed 2.3%, while consumer staples jumped 2.1%, and health-care improved 2%.
ON WALLSTREET
In New York, stocks remained in rally mode on Monday, with the Dow surging more than 175 points in a broad-based rally.
The Dow Jones industrial average vaulted 178.01 points, or 1.5%, to end the day at 12.036.50.
The S & P 500 was up 19.18 points to 1,298.38. The tech-rich Nasdaq Composite Index moved 48.42 points higher to 2,692.09.
Stocks spiked at the open Monday, and remained steadily higher throughout the session.
Investors rallied behind positive news regarding Japan's nuclear crisis, as well as AT&T's $39-billion U.S. deal to acquire T-Mobile USA. Shares of AT&T and Verizon Communications were both higher in mid-day trading, although AT&T shares pared back some of its earlier gains.
Shares of AT&T's smaller competitor Sprint Nextel which had been reported to be in talks with Deutsche Telekom, fell 16% -- making it the worst performer on the S&P 500.
Tiffany & Co. was the biggest gainer on the S&P 500, after the luxury retailer reported a stronger-than-expected profit.
Citigroup shares fell 1.5% after the bank announced a 1-for-10 reverse stock split and said it plans to reinstate its quarterly dividend.
Aside from corporate news, investors continue to react to developments in Japan and Libya.
Over the weekend, Japanese engineers made progress in cooling nuclear reactors that had overheated, following the devastating earthquake and tsunami that struck the country on March 11.
Meanwhile, turmoil in North Africa heated up. The United States and its allies launched an airstrike on Libyan military targets Monday, in an effort to subdue forces of Libyan leader Moammar Gadhafi.
U.S. stocks ended higher Friday, but the ongoing turmoil in Japan led indexes to end lower for the week.
The Dow ended last week 1.5% lower, while the S&P 500 lost 1.9% and Nasdaq dropped 2.7%. The Dow and S&P 500 remain modestly higher for the year, but last week's declines have put the Nasdaq down 0.4% year-to-date.
On the economic front, the National Association of Realtors said existing home sales fell to an annual rate of 4.88 million in February, which was much less than the 5.05 million most economists forecasted.
The price on the benchmark 10-year U.S. Treasury faded, boosting yields to 3.32% from Friday’s 3.28%. Treasury prices and yields move in opposite directions.
Oil for February delivery improved $1.08 to $102.15 U.S. a barrel.
Gold futures for April delivery rose $13.70, or 1%, to $1,429.80 U.S. an ounce.
