Equity markets in Toronto rose in volatile trading on Monday as global economic stimulus measures and news of some countries easing lockdowns pulled investors back to riskier assets.
The S&P/TSX Composite Index gained 86.43 points, to move into noon hour Monday at 14,506.79
The Canadian dollar surged 0.33 cents to 71.17 cents U.S.
The largest percentage gainers on the TSX were MAG Silver, which jumped $2.03, or 14.9%, to $15.66, and Canopy Growth, which rose $2.18, or 10%, to $24.06.
The most heavily traded shares by volume were Guyana Goldfields, up 17 cents, or 39.8%, to 58 cents, and Aurora Cannabis, growing six cents, or 5.8%, to $1.09.
Canada’s top medical official said on Sunday she was encouraged the coronavirus death toll was slowing while Prime Minister Justin Trudeau said isolation measures to fight the outbreak should remain for the time being.
Trudeau also said plans underway to restart the economies of Canadian provinces do not depend on presuming people who become infected with coronavirus develop immunity to it.
ON BAYSTREET
The TSX Venture Exchange added 4.13 points to 466.77.
Seven of 12 TSX subgroups stayed positive, with health-care sprinting 6.5%, real-estate picking up 3.2%, and financials better by 1.5%.
The five laggards were weighed mostly by energy stocks, sliding 2.3%, gold, down 1.3%, and consumer staples, off 0.7%.
ON WALLSTREET
Stocks rose on Monday as investors mulled the possibility of re-opening the economy after the coronavirus outbreak.
The Dow Jones Industrial Average popped 303.75 points, or 1.3%, to 24,079.02.
The S&P 500 strengthened 38.09 points, or 1.3%, to 2,874.83
The NASDAQ Composite hiked 112.29 points, or 1.3%, to 8,748.05.
JPMorgan Chase was the best-performing Dow stock, rising more than 4%. Citigroup, Wells Fargo and Bank of America all traded more than 3% higher.
States including Alaska, Georgia, South Carolina, Tennessee and Texas are beginning to allow restaurants and other establishments to serve customers.
New York Gov. Andrew Cuomo said Sunday the state plans to re-open its economy in phases. The first phase, Cuomo said, would involve New York’s construction and manufacturing sectors. As part of the second phase, businesses will need to design plans for a re-opening that include social distancing practices and having personal protective equipment available.
Cuomo also noted that coronavirus-related hospitalizations have fallen for 14 days and that virus deaths in New York hit a near one-month low.
Stocks that would benefit most from an economic reopening led the way higher on Monday. United Airlines, MGM Resorts and Carnival all climbed more than 1%. Gap improved 0.9% and Kohl’s 1.3%.
Still, coronavirus shelter-in-place orders and social distancing guidelines remain Wall Street’s number-one concern as the rules keep thousands of businesses closed. Officials have confirmed nearly three million COVID-19 cases worldwide with over 900,000 in the U.S., according to data from Johns Hopkins University.
Prices for the 10-Year Treasury sank, lifting yields to 0.65% from Friday’s 0.59%. Treasury prices and yields move in opposite directions.
Oil prices shed $4.69 to $12.25 U.S. a barrel.
Gold prices slumped $16.20 to $1,724.30 U.S. an ounce.