TSX stages third its straight triple-digit advance, Report
TSX stages third its straight triple-digit advance, Report

TSX stages third its straight triple-digit advance, Report

The Canadian TSX Index surged on Monday to its highest point in a week, with a rise in the bullion price and Valeant Pharmaceuticals stock rising (after impressive quarterly results).

Canada’s benchmark index ended the session up 110 points at 14,337.77.

Stateside, the S&P 500 booked an even more impressive gain while the Dow Jones, weighed down by a terrible earnings report from IBM, rose by much less.

The loonie traded in a tight range and finished modestly lower, around 0.886 against the greenback.

The pair could see much more volatility on Wednesday, when the Bank of Canada releases its latest interest rate statement and Monetary Policy Report.

The advance/decline line on Bay Street was stacked to the upside, with nearly three quarters of issues moving higher and all ten sectors going positive on the day.

Before the market opened, Valeant Pharmaceuticals (VRX) posted a stellar set of quarterly results that included a big beat on cash earnings per share. Shares of the Canadian pharma giant surged by 3.9 percent on Monday.

Meanwhile, shares of BlackBerry (BBRY) soared by 8.5 percent on the Nasdaq following rumours that Lenovo might make a bid for the Waterloo-based former tech powerhouse this week. Suffice it to say that Ottawa would not look too kindly upon such a transaction.

Bullion had a strong showing, rising above 1,245 USD/oz by the time the closing bell rang. Gold miners were the best-performing segment on the TSX, with Barrick Gold (ABX) adding 2.1 percent and Goldcorp (G) up 1.9 percent. Smaller miners outperformed the giants.

Base metals miners were mixed, with Teck Resources (TCK.B) down 0.7 percent while First Quantum Minerals (FM) rose 2.1 percent.

WTI crude oil traded in a tight range below $83 per barrel, well off its lows of last week. Most energy names moved higher, but the heavyweights in the space were split: Canadian Natural Resources (CNQ) fell 1 percent, while Suncor (SU) rose 1 percent.

Canadian Pacific Railway (CP) announced that it would no longer be engaging in takeover talks with CSX Corp., but extolled the virtues of consolidation in the sector. The stock gave back 1.5 percent on the day.


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