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TSX Continues Upward Journey
Toronto announced more gains, as markets tried to complete their comeback to the levels seen with the onset of New Year 2018.
The S&P/TSX Composite Index leaped 102.29 points to end Monday at 16,085.61. The index closed New Year’s Eve 2017 at 16,209.13.
The Canadian dollar dropped 0.22 cents to 78.11 cents U.S.
Energy stocks rumbled ahead, as Suncor gathered $1.83, or 3.6%, to $52.75, while Imperial Oil collected 83 cents, or 2%, to $42.25.
Health-care stocks were also mighty, with Canopy Growth hiked $1.95, or 6.4%, to $32.25, while Cipher Pharmaceutical inched up five cents, or 1.5%, to $3.46
Consumer discretionary stocks also behaved positively, as Magna International spiked $3.01, or 3.7%, to $83.80, while Canadian Tire grew $3.05, or 1.9%, to $165.52.
Gold stocks trailed Friday’s close, though, as Barrick Gold doffed two cents to $17.22, and Kinross Gold was unchanged at $4.77.
Among utilities, Hydro One gave back 41 cents, or 2.9%, to $19.32, while Fortis Inc. lost five cents to $42.16.
ON BAYSTREET
The TSX Venture Exchange hiked 7.4 points, or nearly 1%, to 790.31
Eight of the 12 TSX subgroups were up as investors paused for lunch, as energy climbed 2.1%, consumer discretionaries popped 1.9%, and health-care gained 1.3%.
The four laggards were weighed most by gold, down 0.4%, utilities, off 0.3%, and real-estate, sliding 0.2%.
ON WALLSTREET
Stocks closed higher on Monday amid hopes of a potential breakthrough in trade tensions between the U.S. and China, the world's two largest economies.
The Dow Jones Industrial Average came off its highs of the day, but was still positive 68.24 points to 24,899.41, with UnitedHealth and Walmart as the best-performing stocks in the index. The 30-stock index also extended its winning streak to eight straight days.
The S&P 500 gained 2.41 points to 2,730.13, with energy, health-care and materials outperforming.
The NASDAQ stayed afloat 8.43 points to 7,411.31
Chip stocks rose Monday after a report said Chinese regulators will restart a review of the proposed acquisition of NXP Semiconductors by Qualcomm. NXP shares jumped 10% on the news, while Qualcomm's stock gained 2.5%.
President Donald Trump pledged Sunday to help Chinese technology firm ZTE Corp to "get back into business, fast" after a U.S. ban had significantly hampered the Asian company.
Trump's tweet on Sunday came ahead of second round of trade talks between the U.S. and China this week. Trade officials are seeking to find a way to resolve an ongoing trade dispute, although Beijing has already said it will not change its current position over the coming days.
Optical component makers saw their stocks jump on Trump's ZTE news, with Oclaro jumping 2.9%, Lumentum up 2.2%, and Finisar picking up 1%. Acacia Communications also surged 8.7%.
In corporate news Monday, Xerox fell more than 4% after the company abandoned a $6.1-billion deal with Japanese firm Fujifilm as part of a settlement between Carl Icahn and Darwin Deason.
Prices for the benchmark for the 10-year U.S. Treasury dipped slightly, raising yields to 3% from Friday’s 2.97%. Treasury prices and yields move in opposite directions.
Oil prices took on 40 cents a barrel to $71.10 U.S.
Gold prices fell $7.10 to $1,313.60 U.S. an ounce.
