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TSX Noses Up
Stocks in Canada’s largest market held their own Monday, settling for gains of just a few points, as health-care gains tried to overcome heavy losses by oil companies.
The S&P/TSX Composite Index inched higher 5.83 points to close Monday at 16,004.40
The Canadian dollar demurred 0.12 cents to 78.04 cents U.S.
Health-care stocks ruled the roost Monday, as Valeant Pharmaceuticals climbed $1.20, or 6.4%, to $20.00, while Canopy Growth took on eight cents to $18.53.
Among consumer discretionary issues, Ritchie Bros Auctioneers Inc., rose $1.15, or 3.6% to $33.45, after National Bank of Canada upgraded its view on the stock to outperform and increased its price target.
Elsewhere in the sector, Canadian Tire gained $1.22 to $162.59.
Tech clicked as well, Constellation Software stretching higher $4.03 to $744.30.
The energy group, which accounts for almost one-fifth of the index’s weight, retreated as Canadian Natural Resources Ltd lost one dollar, or 2.2%, to $43.54, and Cenovus Energy fell 50 cents, or 3.9%, to $12.48.
TransCanada Corp, which is awaiting approval from Nebraska regulators for its Keystone XL project later on Monday, was up $1.06, or 1.7%, at $63.60.
Gold faltered, too, as Barrick Gold doffed 17 cents, or 1%, to $17.79, while Kinross Gold fell 11 cents, or 2%, to $5.42.
ON BAYSTREET
The TSX Venture Exchange dropped 5.22 points to 794.13
Seven of the 12 TSX subgroups remained in positive territory till the closing bell, with health-care vaulting 1.5%, while consumer discretionary and information technology each bolted up 1%.
The five laggards were weighed most by energy, slouching 1.8%, gold, dipping 0.8%, and materials worse off by 0.7%.
ON WALLSTREET
U.S. stocks rose on Monday as Wall Street bet tax cuts would keep the economic expansion going.
The Dow Jones industrial average held onto gains of 72.09 points to 23,430.33, with IBM and Verizon among the best-performing stocks in the index.
The S&P 500 gained 3.29 points to 2,582.14, with telecommunications as the best-performing sector. Delphi Automotive and General Motors shares were among the best-performing stocks in the index, rising 3.4% and 2.3%, respectively.
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 7.92 points to 6,790.71, just below its record closing high.
IBM shares rose 1% after Barron's said IBM could gain more than 30% over the next 12 months. Verizon shares, meanwhile, rose 1.7% after analysts at Wells Fargo upgraded the stock to outperform from market perform.
Delphi's stock advanced after analysts at Bank of America Merrill Lynch upgraded it to buy from neutral. GM shares also got a boost after its stock was upgraded to buy from neutral.
Equities also got a boost from strong economic data, as leading indicators rose 1.2% in October.
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 46 cents a barrel to $56.23 U.S.
Gold prices slipped $19.70 to $1,276.80 U.S. an ounce.
