Equities in Toronto returned from languishing over a long weekend to jump out of the starting blocks Tuesday, on continued strength in the oil patch.
The S&P/TSX Composite Index popped 280.40 points, or 1.9%, to begin a shortened week at 14,919.30.
The Canadian dollar regained 0.18 cents to 71.92 cents U.S.
Markets in Canada were closed Monday for Victoria Day
A Papua New Guinea court is set to rule next month on whether Barrick Gold Corp can proceed with a legal challenge over the government’s refusal to extend its lease on the Porgera gold mine.
Barrick shares doffed 60 cents, or 1.5%, to $38.96.
Prime Minister Justin Trudeau said on Saturday he would look at possible ways to help airlines further, but laid out no new measures after the country’s biggest airline announced mass layoffs due to the coronavirus pandemic.
Air Canada said on Friday it would cut its workforce by up to 60% as the airline tries to save cash amid the COVID-19 pandemic and adjust to a lower level of traffic.
The Maple Leaf Airline achieved $1.66, or 11.4%, worth of altitude, to $16.28.
Canaccord Genuity cut the target price on Aurora Cannabis to $24.00 from $27.00. Aurora shares climbed $7.80, or 50.8%, to $23.15.
RBC cut the target price on Chorus Aviation to $4.50 from $6.00. Chorus shares were flat at $6.33.
National Bank of Canada raised target price on Equinox Gold to $18.50 from $17.50. Equinox gained 26 cents, or 2.2%, to $12.16.
Canaccord Genuity raised the price target on Onex Corp. to $75.00 from $72.00. Shares in Onex jumped $2.28, or 3.7%, to $63.18.
ON BAYSTREET
The TSX Venture Exchange leaped 12.67 points, or 2.5%, to 521.66.
All but three of the 12 TSX subgroups were positive, with energy gushing 8.5%, consumer discretionary issues hurtling higher 3.8%, and financials galloping 3.4%.
The three laggards were gold, dulling in price 2.2%, information technology, down 0.8%, and materials, off 0.7%.
ON WALLSTREET
Stocks fell on Tuesday after the market scored its best session in six weeks a day earlier on rising optimism about a coronavirus vaccine.
The Dow Jones Industrials began Tuesday’s session down 199.09 points to 24,398.28.
The S&P 500 handed back 15.71 points to 2,938.20.
The NASDAQ slipped 1.39 points to 9,233.44.
The 30-stock Dow jumped more than 900 points, while the S&P 500 closed the day up 3.2%, hitting its highest level since March 6.
Home Depot shares lost about 2% after the home improvement retailer said net income last quarter dropped 10.7% due to extra costs related to the pandemic, although the retailer also said sales increased by 7% for the period.
Meanwhile, Walmart shares gained more than 2% after the retailer reported soaring e-commerce sales in the first quarter.
Investors looked ahead to testimony from Treasury Secretary Steven Mnuchin and Federal Reserve Chairman Jerome Powell. Their testimony is part of required updates to Congress on the economic response to the coronavirus pandemic.
Prices for the 10-Year Treasury gained ground, lowering yields to 0.72% from Monday’s 0.74%. Treasury prices and yields move in opposite directions.
Oil prices added $1.16 to $32.98 U.S. a barrel.
Gold prices hiked $8.40 to $1,742.80 U.S. an ounce.