Sep 28, 2020 (Baystreet.ca via COMTEX) -- Canada's main stock index rose sharply on Monday, driven by gains in energy stocks and as strong economic data from China boosted sentiment.
The TSX prospered 177.46 points, or 1.2%, to conclude Monday's trading at 16,242.81
The Canadian dollar regained 0.02 cents to 74.75 cents U.S.
Energy stocks showed the way Monday, with MEG Energy picking up 20 cents, or 7.6%, to $2.83, while Vermilion Energy climbed 22 cents, or 6.9%, to $3.41.
Among financials, Industrial Alliance shot $2.41, or 5.3%, higher, to $47.85, while Canadian Western Bank picked up 83 cents, or 3.1%, to $27.40.
In real-estate, Brookfield Property Partners gained 74 cents, or 4.9%, to $15.74, while Summit Industrial Income REIT gathered 49 cents, or 3.9%, to $13.10.
Only tech seemed to let the side down, as BlackBerry shed 19 cents, or 3%, to $6.18, while Photon Control let go of three cents, or 2.1%, to $1.42.
The TSX Venture Exchange leaped 13.57 points, or 2%, to 708.83.
All but one of the 12 TSX subgroups were up on the day, with energy sprouting 3.6%, financials higher 1.8%, and real-estate advancing 1.4%.
The lone laggard was in information technology, docking 0.1%.
Stocks rose sharply on Monday as Wall Street built on strong gains from the previous session amid hope for a new deal on U.S. fiscal stimulus and several corporate deals being struck.
The Dow Jones Industrial Average screamed higher 410.1 points, or 1.5%, to close Monday at 27,584.06.
The S&P 500 spiked 53.14 points, or 1.6%, to 3,351.60.
The NASDAQ leaped 203.96 points, or 1.9%, to 11,117.53.
Shares of major tech names rose broadly. Facebook advanced 0.8%, and Amazon climbed 2.6%. Apple was up 2.4%. Alphabet advanced 1.4% and Microsoft traded higher by 0.8%.
Bank stocks also contributed to Monday's gains. JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, Goldman Sachs and Morgan Stanley all popped more than 2%.
Sentiment on Wall Street got a boost after House Speaker Nancy Pelosi said Sunday a last-minute coronavirus aid deal remains on the table as House Democrats try to forge ahead on a smaller aid package costing about $2.4 trillion.
The chamber could vote on the bill as soon as next week. Still, that price tag is well above what Republican leadership has indicated it will support for a new package.
Investors also cheered a slew of corporate dealmaking activity. Devon Energy and WPX Energy announced they will mover forward with a merger of equals, sending Devon stocks up 11.1% and WPX ahead 16.4%. Meanwhile, Caesars Entertainment revealed a cash offer to buy London-based William Hill for 2.9 billion pounds.
Still, major averages are on track to post steep losses for September, a historically weak month for stocks. The Dow dropped off 2%, and the S&P 500 has fallen nearly 4.4%, while the NASDAQ has declined 6.1%. The declines followed a massive comeback from the coronavirus selloff that saw the S&P 500 climb more than 50% from its March bottom.
Prices for the 10-Year Treasury were static, maintaining yields at Friday's 0.66%.
Oil prices recaptured 34 cents to $40.59 U.S. a barrel.
Gold prices climbed $20.70 to $1,887 U.S. an ounce.
Is there a problem with this press release? Contact the source provider Comtex at email@example.com. You can also contact MarketWatch Customer Service via our Customer Center.