Equities in Canada’s largest market rose at the open on Monday after the United States and Canada clinched a last-minute deal to save the North American Free Trade Agreement as a trilateral pact with Mexico.
The S&P/TSX Composite Index hiked 112.7 points to open Monday’s session – the first of October -- at 16,185.84
The Canadian dollar grew 1.3 cents to 78.04 cents.
The deal, announced on Sunday, helped preserve the nearly quarter-century old, $1.2-trillion open-trade zone among the United States, Canada and Mexico.
Husky Energy said it has made an unsolicited bid to acquire rival MEG Energy Corp in a deal valued at $6.4 billion, including debt. Husky shares retreated $1.71, or 7.5%, to $20.97, while MEG shares popped $2.96, or 36.9%, to $10.99.
CIBC cut the price target on First Quantum Minerals to $17.00 from $18.00 First Quantum shares inched up eight cents to $14.79.
Health-care stocks advanced in a big way, with Bausch Health leaping 87 cents, or 2.6%, to $34.04, while Aurora Cannabis jumped 37 cents, or 3%, to $12.78.
ON BAYSTREET
The TSX Venture Exchange gained 3.75 points to 712.90
All but three of the 12 subgroups were higher, with health-care springing up 2.7%, while consumer discretionary shares hopping 1.8%, and energy up 1.7%.
The three laggards were gold and utilities, each down 0.3%, while real-estate, off 0.2%.
ON WALLSTREET
Stocks rose sharply on Monday as investors cheered news of Canada joining a trade deal with the United States and Mexico.
The Dow Jones Industrials erupted for a gain of 254.14 points, or 1%, to begin Monday at 26,712.45, as American Express and DowDuPont outperformed.
The S&P 500 gained 20.88 points to 2,934.86, led by 1% jumps in materials and industrials.
The NASDAQ gained 52.4 points to 8,098.75, as Amazon and Apple both climbed more than 1%
Shares of Ford and General Motors both jumped more than 1 percent following the news. Boeing took on 1.3%, and Caterpillar, another stock sensitive to trade news, rose 1.1%.
The moves on Wall Street came after the S&P 500 notched its best quarter since 2013, having risen 7.2% in that time period.
Tesla shares surged more than 15% after CEO Elon Musk settled charges with the Securities and Exchange Commission over his recent aborted bid to take the firm private.
As part of the settlement, Musk will relinquish his position as chairman of the board at Tesla for at least three years. Tesla and Musk will pay $20 million each.
Meanwhile, General Electric surged 14% after the company abruptly removed CEO John Flannery from his post and named Lawrence Culp as his successor.
Prices for the benchmark for the 10-year U.S. Treasury slid, raising yields to 3.08% from Friday’s 3.06%. Treasury prices and yields move in opposite directions.
Oil prices eked up 13 cents to $73.38 U.S. a barrel.
Gold prices shook off $3.80 to $1,192.40 U.S. an ounce.
