The TSX was higher Monday oil and gold prices climbed higher.
The Toronto Stock Exchange’s S&P/TSX composite index rose 37.71 points, or 0.31%, to 12,248.41.
On the New York Mercantile Exchange, oil gained 18 cents US to US$86.33 a barrel after a ruptured BP deepwater well spilled millions of litres of oil into the Gulf of Mexico and could potentially affect shipping in the near term.
Gold rose US$3.70 to US$1,184.40 an ounce, hitting a 2010 high.
The Canadian dollar was trading at 98.81 cents US, up 37 basis points.
Markets were lower overseas despite news that a deal for Greece’s aid package has been reached over the weekend. Greece has secure 110 billion euros in funding from the European Union and International Monetary Fund over the next three years. In return, besides the 5% interest rate on the loan, the Greek government has agreed to 30 billion euros of further spending cuts and tax hikes over that time frame.
Meanwhile, the government of Australia announced Monday a 40% tax on the profits of resource firms starting in July 2012. “This put pressure on Australian miners overnight and could impact miners listed on other markets -- such as Toronto -- with exposure to the country,” said Colin Cieszynski of CMC Markets in a morning note.
The TSX ended on an upswing on resources Friday, but still finished down 0.2% for the week. “A 3.4% rise in materials helped the TSX avoid a steeper slide,” Douglas Porter, deputy chief economist of BMO Capital Markets, said in a morning note.
“Toronto saw a clear split last month between solid gains in resources, but weakness in consumer staples, utilities and tech. Heavyweight financials were down 0.3% last month.”
In the U.S. the Dow Jones industrial average rose 67.42 points, or 0.61%, to 11,076.03, while the Nasdaq composite index was up 13.92 points, or 0.57%, to 2,475.11.
US personal income rose by 0.3% last month while personal spending increased by 0.6% a government report showed Monday, both were in line with expectations.
London’s FTSE was closed for a holiday. In Frankfurt, Germany’s DAX fell 6.75 points, or 0.11%, to 6,128.95 at midday and the Paris CAC fell 12.52 points, or 0.33%, to 3,804.47.
On Sunday China raised banks’ reserve requirements for the third time this year, this time by 50 basis points to 17% for the big banks. The Nikkei in Japan was closed for a holiday. Markets were also closed in China, but Hong Kong’s Hang Seng fell 297.23 points, or 1.41%, to 20,811.36.
