Equities in Canada’s largest market rose on Monday, as firmer gold prices and renewed optimism around a U.S. stimulus agreement before the presidential election lifted sentiment.
The TSX moved into minus territory 62.28 points by the end of Friday to 16,438.75, a loss on the four-day week of 124 points.
The Canadian dollar added 0.06 cents early Monday to 75.93 cents U.S.
December futures picked up 0.5% Monday.
Altice USA Inc’s $11.1-billion revised offer to acquire Cogeco was rejected on Sunday by the Canadian cable company’s top investor, the Audet family.
American Equity Investment Life Holding said on Sunday that it entered into a strategic partnership with Brookfield Asset Management and rejected an unsolicited acquisition proposal from Athene Holding and Massachusetts Mutual Life Insurance Co
Credit Suisse raised the rating on Altagas to outperform from neutral.
National Bank of Canada raised the price target on Canadian Tire Corporation to $156.00 from $128.00
National also raised the rating on Spin Master to outperform from sector perform.
On the economic bear, Statistics Canada reported wholesale sales grew for a fourth consecutive month in August, though at a much slower pace compared with the previous three months.
Sales edged up 0.3% to $65.7 billion in August after growing 5.2% in July.
The TSX Venture Exchange dropped 2.07 points to 725.31, for a loss on the week of nearly seven points.
U.S. stock futures advanced early Monday as investors hoped for a stimulus deal from Washington, although a rising number of Covid-19 cases dampened sentiment.
Futures for the Dow Jones Industrials jumped 181 points, or 0.6%, to 28,589.
Futures for the S&P 500 gained 26.25 points, or 0.8%, at 3,488.50.
Futures for the NASDAQ Composite jumped 112.25 points, or 1%, to 11,910.25.
On the earnings front, IBM is slated to release its latest quarterly results after the bell on Monday. Meanwhile, Federal Reserve Chairman Jerome Powell is scheduled to speak Monday morning.
House Speaker Nancy Pelosi’s office said Saturday evening that she is giving the Trump administration 48 hours to reach an aid deal before the Nov. 3 election. Pelosi and Treasury Secretary Steven Mnuchin continued their discussions over the weekend. They agreed to speak again on Monday.
A continued economic recovery in China also boosted sentiment on Monday. The world’s second largest economy reported third-quarter GDP growth of 4.9%, which was on the low end of expectations, but indicates an improving outlook.
Meantime, an analysis of Johns Hopkins University data showed Covid-19 cases were growing by 5% or more in 38 states as of Friday. Nationwide, the daily case average has risen by more than 16% on a week-over-week basis to nearly 55,000. New coronavirus infections in Europe are rising by about 97,000 per day, up 44% from the prior week.
Overseas, in Japan, the Nikkei 225 climbed 1.1% Monday, while in Hong Kong, the Hang Seng index gained 0.6%.
Oil prices erased 12 cents to $40.76 U.S. a barrel.
Gold prices brightened $14.10 to $1,920.50.