Toronto Stocks Push Higher

Stocks in Toronto rose on Monday, as energy stocks jumped on stronger crude prices and investors accessed concerns over the Omicron coronavirus variant.

The S&P/TSX Composite was up 55.11 points at 21,181.01 in morning trade.

The Canadian dollar was off 0.15 cents at 78.42 cents U.S.

Canada recorded its third consecutive current-account surplus in the third quarter, the first time this has occurred in 13 years, since ahead of the 2008-09 financial crisis and global recession.

The country’s current account, or the broadest indicator of Canada’s trading and investing relationship with other nations, recorded a surplus of 1.37 billion Canadian dollars, or the equivalent of US$1.07 billion, in the third quarter of 2021, Statistics Canada said Monday. Market expectations were for a C$4.4 billion surplus, according to economists at CIBC Capital Markets.

The Industrial Product Price Index increased 1.3% month over month in October and 16.7% year over year.

Raw Materials Price Index was up 4.8% on a monthly basis in October and 38.4% year over year.

In corporate news, Vermilion Energy Inc. says it has signed a deal to increase its stake in the Corrib natural gas project off the coast of Ireland.

Under an agreement with Equinor ASA, the Calgary-based company says it will pay $556 million for Equinor Energy Ireland Ltd., which owns a 36.5 per cent stake in Corrib.

ON BAYSTREET

The TSX Venture Exchange was ahead 8.42 points at 952.47.

Eight of the 12 TSX subgroups were in in the green this morning with Energy issues up 2.24 percent, Consumer Discretionary stocks ahead 0.81 percent and Material issues up 0.66 percent

On the downside — Gold issues faded 0.28 percent, Health-care was down 0.19 percent and Utility stocks were off 0.15 percent.

ON WALLSTREET

Stocks rebounded on Monday following a major sell-off to end last week spurred by concerns about the Covid omicron variant.

The Dow Jones Industrial Average gained 150 points, or roughly 0.5%. The S&P 500 added 1%. The tech-focused Nasdaq Composite rose about 1.3%, helped by a 6% jump in Twitter’s stock. The small-cap benchmark Russell 2000, full of the most economically sensitive stocks, rallied 1%.

Morderna (MRNA) shares surged 10.2% as the drugmaker insisted it could develop a new vaccine capable of combating the new Omicron variant early in the new year.

Pfizer (PFE), meanwhile, may hit a fresh record high after CEO Albert Bourla confirmed the group’s plan to boost production if its Covid antiviral pill in order to combat the impact of the Omicron variant.

WTI futures for January delivery were marked 3.59 higher at $71.75 per barrel while Brent contracts for the same month, the global pricing benchmark, surged $3.47 to $76.19 per barrel.

Spot gold rose 0.2% to $1,794.87 per ounce.

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