Equity markets rose in Toronto on Monday, as major oil producers including the Organization of the Petroleum Exporting Countries and its allies agreed to extend output cuts till the end of July.
The S&P/TSX Composite Index kept its momentum going from over the weekend, gaining another 85.53 points to 15,939.60.
The Canadian dollar jumped 0.63 cents at 74.75 cents U.S.
RBC raised the target price on Enghouse Systems to $75.00 from $67.00. Enghouse shares gathered $1.96, or 3%, to $67.15.
National Bank of Canada raised target price on Goeasy Ltd. to $66.00 from $45.00. Goeasy shares added $1.02, or 1.8%, to $57.79.
CIBC raised the target price on Mav Beauty Brands to $4.00 from $3.50. Mav shares popped 36 cents, or 9.6%, to $4.11.
Canada Mortgage and Housing Corporation this morning put the trend in housing starts at 196,750 units in May, down from 198,644 units in April.
Excluding Quebec, the trend was 151,072 units last month, down from 155,600 units in April.
ON BAYSTREET
The TSX Venture Exchange climbed 3.28 to 560.19.
Eight of the 12 TSX subgroups gained ground, with health-care picking up 2.5%, real-estate, up 2.4%, and energy, ahead 1.3%.
The four laggards were gold, down 0.8%, consumer staples, sliding 0.5%, and materials, off 0.4%.
ON WALLSTREET
Stocks jumped on Monday, building on the previous week’s sharp gains on optimism over the economy reopening.
The rally by the Dow Jones Industrials picked up where it left off on Friday, gaining 250.66 points, or about 1%, to begin the week at 27,361.654.
The S&P 500 moved up 8.87 points to 3,202.83
The NASDAQ took a breather from its rally, which saw it close Friday at record levels. The tech-heavy index dropped 20.28 points Monday morning to 9,794.36.
The Dow surged 6.8% last week while the S&P 500 jumped 4.9%. The NASDAQ climbed 3.4% and closed at record levels for the first time since Feb. 19. The tech-heavy NASDAQ was the first of the three major indexes to trade back at all-time highs since the coronavirus pandemic shuttered the global economy.
The S&P 500 is down just 0.7% for the year. At one point this year, the broader market index was down 30%.
Stocks tied to the reopening of the economy led the gains once again. Airlines, retailers and cruise lines were higher. United was up 6.1%. Kohl’s added 5.6%. Shares of Carnival Corp. were up more than 11%.
Stay-at-home winners such as Netflix, Microsoft and Zoom Video all lagged the broader market. Netflix dropped more than 2% while Microsoft traded 1.4% lower. Zoom Video shares slid nearly 4%.
Stocks that benefit the most from the economy reopening have led the charge higher for the broader market.
JPMorgan Chase and Citigroup are both up more than 23% quarter to date while Hilton Worldwide is up 27.8%. American Airlines shares are up 52.5% in that time while Delta took on 19.7%, while United has gained 34.4%.
Prices for the 10-Year Treasury were unchanged, keeping yields at Friday’s 0.88%.
Oil prices lopped off $1.01 to $38.54 U.S. a barrel.
Gold prices regained $10.20 to $1,695.20 U.S. an ounce.
