Equity prices in Toronto hung onto gains midday Monday, boosted by financial stocks as bets for another Bank of Canada interest rate hike were supported by a last-minute deal to salvage the trilateral North American Free Trade pact, re-dubbed the United States-Mexico-Canada Agreement (USMCA)
The S&P/TSX Composite Index came off its highs of the morning, but remained up 41.88 points to approach noon at 16,115.02
The Canadian dollar grew 1.28 cents to 78.01 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.
The leading gainer among financial stocks was Royal Bank of Canada, picking up 24 cents to $103.78, while Bank of Nova Scotia subsided 77 cents, or 1%, to $76.22.
In health-care, Bausch Health sprinted $1.73, or 5.2%, to $34.90, while Canopy Growth acquired 79 cents, or 1.3%, to $63.54.
Top percentage gainer on the TSX was MEG Energy, which jumped $3.06, or 38.1%, to $11.09, on Husky Energy's hostile bid to combine MEG's heavy oil production with Husky's output in a $6.4-billion cash-and-stock offer.
Husky Energy, however, fell $1.42, or 6.3%, the most on the TSX, to $21.26.
In consumer discretionary stocks, Magna International popped $3.40, or 5%, to $71.25.
Tech stocks weighed heaviest among the laggards, as BlackBerry gave back 17 cents, or 1.2%, to $14.45.
Communications stocks also felt around for bruises, as Rogers Communications lost 50 cents to $65.93.
In real-estate, Colliers International Group backtracked $1.31, or 1.3%, to $98.74.
ON BAYSTREET
The TSX Venture Exchange stumbled 0.58 points to 708.57
Eight of the 12 subgroups had descended into the red, with information technology skidding 0.8%, while communications slid 0.6%, and real-estate shed 0.5%
The four gainers were led by health-care, up 2.2%, while energy plowed ahead 1.4%, and consumer discretionary improved 1%.
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 250.84 points, or 1%, to break for lunch Monday at 26,709.15, as American Express and Boeing outperformed.
The S&P 500 gained 19.02 points to 2,933, led by 1% jumps in materials and industrials.
The NASDAQ gained 40.16 points to 8,086.51, as Amazon and Apple each climbed more than 1%.
Shares of Ford and General Motors both jumped more than 1% following the news. Boeing took on 1.8%, and Caterpillar, another stock sensitive to trade news, rose 0.3%.
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 17% 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 11.7% 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 a mite, inching yields up to 3.07% from Friday’s 3.06%. Treasury prices and yields move in opposite directions.
Oil prices prospered 83 cents to $74.08 U.S. a barrel.
Gold prices shook off $4.60 to $1,191.60 U.S. an ounce.
