Canadian shares jumped on Monday, with mining gains outweighing losses in energy-linked companies as oil prices fell, while investors also drew comfort from easing inflation fears and a rebound in US stock markets.
The TSX gained 549.40 points, or 1.5%, to break for lunch at 36,338,48.
The Canadian dollar dipped 0.07 cents at 70.76 cents U.S.
Barrick Mining posted a rise in third-quarter profit as higher gold prices outweighed the impact of a decline in production. Barrick shares hiked $2.60, or 4.6%, to $59.80.
Strathcona Resources said on Sunday it would acquire Greenfire Resources in a deal valued at about $2.7 billion to $2.9 billion, including debt, as the oil producer expands its presence in Alberta's oil sands region.
Strathcona shares progressing 18 cents to $36.52, while those for Greenfire acquired three dollars, or 37.8%, to $10.93.
Vertical market software firm Constellation shed $303.51, or 8.6%, to $3,223.01, after reporting a 16% fall in free cash flow in the third quarter from a year earlier, dragging down the technology index
ON BAYSTREET
The TSX Venture Exchange added 9.51 points, or 1.2%, to 831.54.
Seven of the 12 subgroups were in the green midday, led by gold, hiking 4.2%, materials, higher by 3.8%, and industrials, jumping 1.7%.
The five laggards were weighed most by telecoms, falling 1.6%, information technology, down 0.5%, and energy, 0.4%.
ON WALLSTREET
Stocks surged on Monday, boosted by a decline in oil prices as well as gains in technology shares after last week’s volatility.
The Dow Jones Industrial index gained 940.04 points, or 1.8%, to 52,225.77.
The S&P 500 index accelerated 151.93 points, or 2%, to 7,376.92.
The tech-heavy NASDAQ staged a comeback climbing 264.43 points, or 1.1%, to 24,579.43.
Friday’s market partially rebounded from Thursday’s brutal AI-driven sell-off, as chip stocks recovered on renewed buying. However, concerns linger in the wake of the Democrats’ strong midterm results, with investors fearing that tighter regulations on data center construction, energy use, and development costs could slow the AI infrastructure boom.
The tech sector also focused on the bombshell announcement Sunday that Nvidia’s board of directors is opening an investigation into co-founder and CEO Jensen Huang’s relationship with a businesswoman who U.S. intelligence agencies say is a Chinese spy. Nvidia shares were last down 6%.
“Magnificent Seven” names were higher contrary to Nvidia. Amazon gained 5%, while Tesla and Alphabet climbed more than 3%. Microsoft added 2%.
Other chip stocks advanced as well, with Broadcom and Advanced Micro Devices each popping 5%.
Prices for the 10-year Treasury hesitated, raising yields to 4.88% from Friday’s 4.86%. Treasury prices and yields move in opposite directions.
Oil prices withered $3.29 to $87.54 U.S. a barrel.
Gold prices recovered $49.70 to $4,124.60 U.S. an ounce.
