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Jan. 7, 2021, 11:00 a.m. EST

TSX Opens Higher on U.S. Stimulus Bet

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Jan 07, 2021 (Baystreet.ca via COMTEX) -- Canada's main stock index opened higher on Thursday, on bets of expanded U.S. stimulus package to aid economic recovery after Democrats took control of the Senate.

The TSX raced higher 138.97 points to kick off Thursday at 17,967.08.

The Canadian dollar sagged 0.31 cents to 78.64 cents U.S.

Canada's oil sands production hit a record high in November, according to the latest regulatory data, and will likely continue to rise as producers ramp up output following the end of provincial government production curtailments in Alberta.

Stephens raised the target price on Restaurant Brands International to $73.00 from $55.00. Restaurant Brands stock rose $2.58, or 3.4%, to $79.04.

Canaccord Genuity raised the target price on Vermilion Energy to $7.50 from $5.00. Vermilion shares 23 cents, or 3.6%, to $6.65.

Democrats on Wednesday won two U.S. Senate seats up for grabs in runoff elections in Georgia, giving the party control of the chamber and boosting the prospects for President-elect Joe Biden's legislative agenda.

On the economic beat, Western University's IVEY School of Business' Purchasing Managers Index for December dropped to 46.7 from November's 52.7, and down from the 51.9 figure in December 2019.

ON BAYSTREET

The TSX Venture Exchange recovered 8.29 points to 905.81.

Eight of the 12 TSX subgroups were positive in the first hour, with health-care shares higher 4.8%, energy better by 1.7%, and information technology up 1.5%.

The four laggards were weighed mostly by gold, off 0.8%, communications down 0.6%, and consumer staples fading 0.4%.

ON WALLSTREET

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