The Toronto Stock Exchange’s benchmark, the S&P/TSX composite index, was higher early Monday as the price of oil rose on Middle East tensions, lifting the resource-heavy index by 217 points, or 2.62 per cent, to 8,525.33 on the first day of trading since Christmas Eve last Wednesday.
Oil rose to around $39.50 US a barrel from Friday’s close of $37.71 US. That came as Israeli aircraft attacked the Gaza Strip for a third day Monday in an offensive aimed at the Islamist Hamas group. The conflict has left more than 300 Palestinians dead and could threaten oil supplies from the region.
Meanwhile, the Canadian dollar fell to 81.95 cents US from 82.70 cents US at its last official close on Wednesday.
In the U.S., the Dow Jones industrial average was down 0.64 point, or 0.03 per cent, to 8,513.38 and the Nasdaq composite index was up down 0.44 point, or 0.3 per cent, to 1,529.80.
Overseas stock markets were also higher on Monday. London’s FTSE 100 index was up 98.94 points, or 2.35 per cent, to 4,315.53 at midday. Frankfurt’s DAX was 83.10 points, or 1.79 per cent, higher to 4,712.48 and the Paris CAC was up 23.01 points, or 0.74 per cent, to 3,139.22.
In Asia, Tokyo’s Nikkei stock average closed up 7.65 points, or 0.9 per cent, to 8,747.17 and Hong Kong’s Hang Seng index gained 144.34 points, or 1.02 per cent, to 14,328.48.
On Wednesday - the last trading day before the Christmas break - The S&P/TSX composite index was down 1.36 points, or 0.02 per cent, to 8,310.55 for what totalled a 2.8 per cent dip on the week.
U.S. markets were closed on Thursday, along with Canadian trading, but reopened Friday - with the Dow adding 47.07 points to 8,515.55 and the Nasdaq ending up 5.34 points to 1,530.24.
