Equity markets in Canada opened higher on Monday, as crude prices rose and after officials in U.S. President Donald Trump's administration downplayed the risk of a trade war with China.
The S&P/TSX Composite Index recovered 35.28 points to begin the day and the week at 15,242.69
The Canadian dollar dipped 0.02 cents at 78.28 cents U.S.
Kinder Morgan Canada on Sunday suspended most work on a $5.8-billion oil pipeline expansion that has become the focus of protests, a move underscoring uncertainty over major energy projects in Canada.
Kinder shares plummeted $1.91, or 10.4%, to $16.53.
Private investment firm Cation Capital said it intends to nominate four candidates to Crescent Point Energy's board next month at the company's annual shareholders meeting. Crescent shares took on 25 cents, or 2.7%, to $9.42.
Eight Capital cut the target price Hudbay Minerals to $13.50 from $16.00. Hudbay shares fell 10 cents, or 1.4%, to $8.69.
Canaccord Genuity raised the target price on Lithium Americas to $12.00 from $11.0. Lithium shares advanced 16 cents, or 2.3%, to $6.99.
CIBC raised the price target on Yangarra Resources to $7.50 from $7.00. Yangarra gained 15 cents, or 3.1%, to $5.00.
Folks familiar with the matter say talks to rework the North American Free Trade Agreement are not advanced enough for the United States, Mexico and Canada to announce a deal "in principle" at this month's Summit of the Americas in Lima
ON BAYSTREET
The TSX Venture Exchange inched up 0.57 points to 769.72
Eight of the 12 TSX subgroups were off and running to start the week, with information technology up 1.2%, consumer staples ahead 0.7%, and industrials growing 0.5%
The four laggards were weighed most by gold, down 1%, materials, off 0.3%, and health-care, slipping 0.2%.
ON WALLSTREET
Stocks traded higher on Monday as the Trump administration tried to soften its tone regarding U.S.-China trade relations.
The Dow Jones Industrial Average leaped 183.37 points to begin the day at 24,116.13, with Merck and Caterpillar as the best-performing stocks in the index.
The S&P 500 re-gathered 19.09 points to 2,623.56, with tech outperforming.
The NASDAQ Composite index vaulted 85.91 points, or 1.2%, to 7,001.02
Shares of Amazon, Apple and Alphabet all rose more than 1.5%. Facebook, meanwhile, traded 0.3% higher.
Treasury Secretary Steven Mnuchin said on Sunday he does not expect a trade war between the U.S. and China to take place. Mnuchin made his comments after telling media outlets on Friday that a trade war between the two largest world economies was possible.
Caterpillar shares climbed 2.3%. The aerospace giant is seen as a company that could be adversely affected by a trade war.
Last week, China announced fresh tariffs on 106 U.S. products, which then saw Trump going on to threaten more levies, saying that he had asked the United States Trade Representative to consider $100 billion in additional tariffs against the Asian nation.
The next corporate earnings season kicks off later in the week with financial companies BlackRock, Citigroup, J.P. Morgan Chase and Wells Fargo all scheduled to release their quarterly results.
Prices for the benchmark 10-year Treasury note went lower, raising yields to 2.81% from Friday’s 2.78%. Treasury prices and yields move in opposite directions.
Oil prices gained 91 cents a barrel to $62.97 U.S.
Gold prices dropped 30 cents to $1,335.80 U.S. an ounce.
