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TSX Goes Positive by Noon
Equities in Canada’s largest market edged higher on Monday morning as financial stocks led a broader rising trend while the heavyweight energy sector fell with lower oil prices.
The S&P/TSX Composite Index recovered 24.58 points to greet noon at 16,023.15
The Canadian dollar demurred 0.07 cents to 78.09 cents U.S.
Health-care stocks ruled the roost Monday, as Valeant Pharmaceuticals climbed 72 cents, or 3.8%, to $19.52, while Canopy Growth took on 28 cents, or 1.5%, to $18.73.
The energy group, which accounts for almost one-fifth of the index’s weight, retreated as Canadian Natural Resources Ltd lost 1.8% to $43.75 and Cenovus Energy fell 2.4% to $12.67.
TransCanada Corp, which is awaiting approval from Nebraska regulators for its Keystone XL project later on Monday, was up 0.1% at $62.59.
The largest percentage gainer was Ritchie Bros Auctioneers Inc., which rose 4.6% after National Bank of Canada upgraded its view on the stock to "outperform" and increased its price target.
ON BAYSTREET
The TSX Venture Exchange dropped 5.94 points to 793.41
Seven of the 12 TSX subgroups remained in positive territory midday, with health-care vaulting 1.4%, consumer discretionary stocks up 0.9%, and telecoms gaining 0.7%.
The five laggards were weighed most by energy, slouching 1.3%, gold, dipping 0.9%, and materials worse off by 0.4%.
ON WALLSTREET
U.S. stocks traded slightly higher on Monday as Wall Street awaited more details on a tax overhaul that would slash corporate taxes.
The Dow Jones industrial average rocketed 97.38 points to 23,455.62, with IBM as the best-performing stock in the index. The stock rose after Barron's said “Big Blue” could gain more than 30% over the next 12 months.
The S&P 500 gained 4.1 points to 2,582.95, with telecommunications as the best-performing sector. Delphi Automotive was the best-performing stock in the index, rising 3.1% after analysts at Bank of America Merrill Lynch upgraded it to buy from neutral.
Expectations of tax reform have been a positive for stocks this year, as a tax-code overhaul would potentially lower corporate taxes. The S&P 500 is up more than 15% in 2017.
The NASDAQ Composite improved 8.37 points to 6,791.16
This will be a short week for Wall Street as the U.S. stock market will be closed Thursday in observance of the Thanksgiving holiday. Trading volumes usually drop during shortened trading weeks, opening up the door for more volatile moves.
Prices for the benchmark 10-year Treasury note faded a bit Monday, raising yields to 2.37% from Friday’s 2.35%. Treasury prices and yields move in opposite directions.
Oil prices fell 60 cents a barrel to $55.95 U.S.
Gold prices slipped $17.40 to $1,279.10 U.S. an ounce.
