Stocks Start July on the Right Foot

Stocks in Canada’s largest centre had the stage to themselves Monday, and reveled in them, posting healthy gains in the first hour and as oil prices steadied.

The S&P/TSX jumped 101.93 points to begin Monday and a new week at 18,963.29.

The Canadian dollar gained 0.14 cents to 77.73 cents U.S.

Markets were closed Friday for Canada Day.

Australia's Link Administration rejected Canadian software firm Dye & Durham's lowered takeover bid but agreed to continue to engage with it on hopes of securing a better offer.

DND shares dipped nine cents to $21.66.

Toronto-Dominion Bank is exploring a takeover deal for U.S. brokerage Cowen. TD shares faltered 28 cents to $84.13.

Cormark Securities cut the target price on Tecsys to $47.50 from $50.00. Tecsys shares lost 49 cents, or 1.5%, to $33.00.

CIBC cut the target price on Canopy Growth to $3.00 from $5.00. Canopy Growth shares handed over two cents to $3.64.

On matters macroeconomic, Markit Canada revealed its Purchasing Managers Index hit a 17-month low of 54.6 in June, down from 56.8 in May.

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Oil prices gained $1.34 to $109.77 U.S. a barrel.

Gold prices captured $7.80 to $1,809.30 U.S. an ounce.

ON BAYSTREET

The TSX Venture Exchange retreated 0.16 points to 617.10.

All 12 TSX subgroups began the day in the green, with energy surging 3.1%, gold shining 1.4% brighter, and utilities ahead 1%.

ON WALLSTREET

U.S. markets were closed for the 4th of July.