Canada’s main stock index climbed to a five-week high on Monday following Donald Trump’s inauguration as U.S. president, with markets expecting the incoming administration to go easy on tariff pledges.
The TSX gained 103.66 points to finish Monday at 25,171.58.
The Canadian dollar sprang up 0.8 cents at 69.87 cents U.S.
Trump was sworn in as U.S. president Monday in a highly anticipated global event, with particular focus on the slew of executive actions concerning immigration, energy and tariffs that he has pledged to sign on day one.
Giving some relief to investors, a Wall Street Journal report said Trump will stop short of imposing new tariffs on key trading partners on his first day in office.
In corporate news, eyecare provider Kits Eyecare reported a 42% growth in its fourth-quarter revenue, which also surpassed analysts’ expectations. Kits closed Monday up 36 cents, or 4.6%, to $8.26.
Energy stocks led the charge, with MEG Energy popping $1.42, or 6%, to $25.02, while Terravest Industries vaulted $6.31, or 5.1%, to $129.49.
In materials, Hudbay Minerals acquired 52 cents, or 4.2%, to $12.95, while First Quantum Minerals sailed 82 cents, or 4.3%, higher to $19.83.
In industrials, Bombardier took on $6.25, or 7.1%, to $94.49, while Cargojet hiked $4.45, or 3.6%, top $127.00.
Tech stocks weighed on things, though, with Kinaxis doffing $3.72, or 2.1%, to $171.93, while Sylogist dropped 12 cents, or 1.4%, to $8.54.
In financials, TD fell 77 cents to $82.36, while Brookfield Corporation slipped 71 cents to $83.42.
Utilities fell short, too, as Atco dipped 41 cents to $46.91, while Emera ditched 40 cents to $53.77.
Oil prices declined 99 cents to $76.84 U.S. a barrel.
Prices for gold retreated $16.90 an ounce to $2,731.80 U.S.
ON BAYSTREET
The TSX Venture Exchange gained 2.39 points to 618.73.
Eight of the 12 TSX subgroups were positive on the session, led by energy, ahead 2.1%, while materials climbed 1%, and industrials jumped 0.7%.
The four laggards were weighed most by financials and information technology, each off 0.3%, while utilities fell 0.2%
ON WALLSTREET
U.S. markets were closed Monday for Martin Luther King Day, and also paused to recognize incoming President Donald Trump
