Oil Prices, Utilities, Hoist Toronto Markets

Mar 11, 2019 (Baystreet.ca via COMTEX) —

Canada’s main stock index opened higher on Monday, led by gains in energy shares on the back of higher oil prices.

The S&P/TSX Composite Index rebounded 100.28 points to begin Monday and the week at 16,096.49

The Canadian dollar recovered 0.08 cents at 74.59 cents U.S.

CGI Inc. said it made a 4.32-billion-Swedish-crown ($459-million U.S.) cash offer for Swedish peer Acando.

CGI gained 72 cents to $88.98.

North American energy traders are reluctant to take up long-term positions on Canadian crude price moves, preferring to stick to spot deals, as uncertainty around government intervention in the market is growing following delays to Enbridge’s Line 3 oil pipeline project.

Enbridge shares rocketed 58 cents, or 1.1%, to $48.75.

Credit Suisse raised the rating on Hudbay Minerals to outperform from neutral. Hudbay shares took on 27 cents, or 3%, to $9.14.

Desjardins raised the rating on OceanaGold to buy from hold. OceanaGold inched up two cents a share to $4.45.

CIBC cut the rating on Yangarra Resources to neutral. Shares in Yangarra declined three cents, or 1.1%, to $2.78.

ON BAYSTREET

The TSX Venture Exchange gained 2.14 points to 620.22

All but one of the 12 TSX subgroups started the session higher, as utilities and energy each climbed 1.2%, while information technology clicked 1.1% higher.

Only real-estate, listing lower 0.01%, missed out on the festivities.

ON WALLSTREET

The S&P 500 and NASDAQ Composite opened higher on Monday as they got a boost from tech shares like Apple and Facebook.

The Dow Jones Industrial Average faded 16.31 points to begin Monday at 25,433.93, as shares of Boeing dragged down the 30-stock index.

The S&P 500 advanced 18.68 points to 2,761.75, as the tech sector climbed more than 1%.

The NASDAQ Composite climbed 79.15 points, or 1.1%,

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