Equities in Canada’s largest centre rose at the open on Monday, as energy stocks tracked oil prices that gained from supply cuts from major oil producers, while optimism around U.S. fiscal stimulus bolstered sentiment.
The S&P/TSX Composite picked up from where it left off on Friday, adding 137.93 points Monday to 18,273.83.
The Canadian dollar jumped 0.08 cents to 78.45 cents U.S.
Canada Nickel has held talks with U.S. government officials about potentially supplying nickel for electric car batteries, its chief executive said, amid mounting concern in Washington about China’s dominance of global supply chains.
Nickel shares rocketed 23 cents, or 9.4%, to $2.68.
CIBC cut the target price on Endeavour Mining to $7.25 from $7.75. Endeavour picked up 12 cents to $28.37.
Citigroup raised the target price on Open Text to $50 from $46. Open Text gained $1.16, or 1.9%, to $63.40.
Scotiabank raised the target price on Dye & Durham to $58.00 from $52.00. Dye & Durham shares took on 73 cents, or 1.5%, to $48.42.
ON BAYSTREET
The TSX Venture Exchange popped 30.7 points, or 3%, to 1,053.34.
All 12 TSX subgroups were positive in Monday’s first hour, led by health-care, up 4.2%, information technology, up 1.6%, and materials, better by 1.4%.
ON WALLSTREET
U.S. stocks climbed on Monday, building on a recent rally to record levels as investors remained optimistic about further COVID stimulus and an economic recovery.
The Dow Jones Industrials moved skyward 190.62 points to 31,338.86, a fresh all-time high.
The S&P 500 jumped 20.8 to 3,907.11
The NASDAQ Composite climbed 86.8 points to 13,943.09. Both S&P and NASDAQ ran to new intraday highs.
Another busy week of earnings is on deck with 78 S&P 500 components set to report quarterly results, including Twitter, GM, Coca-Cola and Disney. Of the 286 companies in the S&P 500 that have reported earnings for the fourth quarter, 83.6% topped analyst expectations.
Treasury Secretary Janet Yellen urged Congress on Sunday to pass President Joe Biden’s stimulus plan, saying if it does the U.S. could return to full employment by 2022.
The Senate and House each passed a budget resolution on Friday, starting the reconciliation process that would allow President Biden’s $1.9-trillion rescue package to get through the Democratic-held Senate with a simple majority. The package includes $1,400 stimulus cheques, supplemental jobless benefits and COVID-19 vaccine and testing funds.
Biden has set a goal to administer at least 100 million COVID vaccine doses during his first 100 days in office, but he warned it will be very difficult to achieve herd immunity in the U.S. by the end of summer.
Prices for 10-Year Treasurys were lower, raising yields to 1.18% from Friday’s 1.17%. Treasury prices and yields move in opposite directions.
Oil prices added 95 cents to $57.80 U.S. a barrel.
Gold prices strengthened $23.50 to $1,836.50 U.S. an ounce.