MT: Commodity stocks help lift TSX ahead of heavy slate of earnings; oil prices rise
TORONTO - The Toronto stock market racked up solid early gains Monday morning amid rising commodity prices and ahead of a busy earnings week in Canada and the U.S.
Mining, energy and tech stocks led advancers as the S&P/TSX composite index climbed 77.4 points to 11,459.5. The TSX lost just over one per cent last week, led by declines in the energy and financial sectors as investors took some profits. The main index is still close to its highs for the year and is up more than 50 per cent since the lows of early March.
"Any time you're flirting with the top, it's hard to push through," said David Hefty, CEO at Cornerstone Wealth Management in New York.
The Canadian dollar continued to back away after Bank of Canada governor Mark Carney reiterated late last week that the currency's recent sharp rise threatens to derail the economic recovery. And he made it clear that intervention in currency markets to control that surge is a possibility.
On Monday, Carney warned that governments won't allow the world's bankers to return to their irresponsible ways and added financiers had better get ready for major changes to the way they do business.
The loonie was down 0.44 cent to 94.63 cents US.
Oil prices held firm above the US$80 a barrel mark as the December crude contract on the New York Mercantile Exchange advanced 44 cents to US$80.94 a barrel. The energy sector was ahead almost one per cent and EnCana Corp. (TSX:ECA) rose 75 cents to $63.85.
Other commodities edged higher as the December bullion contract on the Nymex gained 50 cents to US$1,056.90 an ounce, taking the gold sector up 0.66 per cent.
The base metals sector advanced while December copper was up three cents to US$3.07 a pound. Teck Resources (TSX:TCK.B) climbed 58 cents to $35.39.
Tech stocks also attracted investors as Research In Motion Ltd. (TSX:RIM) moved up 95 cents to $70.15.
The Toronto market is little changed since the beginning of the month even as the U.S. third quarter earnings season has seen many companies beat earnings expectations.
Now in the coming week investors will take in reports from Canadian market heavyweights including utility TransAlta Corp. (TSX:TA), Canadian Pacific ..
