The Toronto stock market started the trading week off positive Monday, led by higher commodity and financial stocks.
The S&P/TSX composite index closed up 65.17 points to 11,750.54 after a lukewarm start to the U.S. quarterly earnings season and moves by China to cool its economy had pushed the main index down more than 2 per cent last week to below where it started the new year.
The TSX Venture Exchange climbed 12.25 points to 1,605.72.
Volumes were lower than normal as New York markets closed for the Martin Luther King holiday.
A day before the Bank of Canada makes its scheduled announcement on interest rates, the Canadian dollar moved 0.28 of a U.S. cent higher to 97.42 cents (U.S.). The central bank is widely expected to leave rates – which hover near zero – alone until at least the end of the second quarter.
The base metals sector was up 1.39 per cent. The February crude contract rose 24 cents to $78.24 a barrel shortly before the TSX closed, taking the energy sector ahead 0.63 per cent.
EnCana Corp. improved 46 cents (Canadian) to $35.67, while Imperial Oil gained 46 cents to $41.10.
Oil and gas explorer Enterra Energy Trust said Monday it will convert to a corporation by the end of May, changing its name in the process to Equal Energy Ltd.
Calgary-based Enterra said Monday it wants to make the move before a change in the rules governing the taxation scheme for trusts takes effect in 2011.
Enterra units jumped 56 cents, or 25.93 per cent, to $2.72.
The financial sector moved up 0.65 per cent after losing ground at the end of last week in the wake of disappointing earnings results from American banking giant JPMorgan Chase.
TD Bank was ahead 75 cents to $64.10 and Manulife Financial closed up 22 cents at $20.54 .
The February gold contract was ahead $2.90 (U.S.) to $1,133.40 an ounce and the gold sector edged up 0.19 per cent.
Mosaid Technologies Inc. shares rose $1.45 (Canadian) to $21.51 after it said its revenue will be $3 million higher in the 2010 financial year than previously thought, rising to an estimated range of $68 million to $70 million. And Winnipeg-headquartered New Flyer Industries Inc. said it received orders for 711 buses in the fourth quarter for a total of $308 million.
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