(RTTNews.com) - The Canadian stock market is rising at the start of the new trading week. A rebound in global equity markets has provided a boost to Bay Street this morning, as well as a rebound in commodity prices.
Markets in Europe are firmly in positive territory Monday. Traders were encouraged by easing Italian budgetary concerns and the agreement between the European Union and Great Britain on Brexit.
Markets on Wall Street are rising in early trade Monday. Bargain hunting is playing a role, following last week's sell-off. Reports of strong Black Friday sales are also helping to fuel the early gains.
The benchmark S&P/TSX Composite Index is up 86.82 points or 0.58 percent at 15,097.55.
On Friday, the index closed down by 80.85 points or 0.54 percent, at 15,010.73. The index scaled an intraday high of 15,028.55 and a low of 14,900.32.
The Capped Information Technology Index is gaining 1.52 percent. Constellation Software (CSU.TO) is up 1.13 percent and Descartes Systems Group (DSG.TO) is advancing 1.01 percent. BlackBerry (BB.TO) is rising 2.10 percent.
The Energy Index is rising 1.18 percent. Imperial Oil (IMO.TO) is gaining 1.34 percent and Husky Energy (HSE.TO) is advancing 0.72 percent. Suncor Energy (SU.TO) is up 0.21 percent and Encana (ECA.TO) is higher by 0.32 percent. Canadian Natural Resources (CNQ.TO) is climbing 2.05 percent and Crescent Point Energy (CPG.TO) is gaining 2.75 percent. Cenovus Energy (CVE.TO) is increasing 2.49 percent.
The Capped Industrials Index is up 0.75 percent. Finning International (FTT.TO) is gaining 2.45 percent and WestJet Airlines (WJA.TO) is rising 2.18 percent. Canadian National Railway (CNR.TO) is advancing 0.39 percent and Canadian Pacific Railway (CP.TO) is higher by 0.01percent.
Air Canada (AC.TO) is climbing 4.93 percent after it agreed to acquire Aimia Canada Inc. for $450 million in cash.
The heavyweight Financial Index is increasing 0.65 percent. Bank of Nova Scotia (BNS.TO) is gaining 0.27 percent and Royal Bank of Canada (RY.TO) is up 0.46 percent. Toronto-Dominion Bank (TD.TO) is advancing 0.64 percent and Bank of Montreal (BMO.TO) is rising 0.51 percent. Canadian Imperial Bank of Commerce (CM.TO) is higher by 0.18 percent and National Bank of Canada (NA.TO) is adding 0.25 percent.
The Gold Index is increasing 0.46 percent. Goldcorp (G.TO) is climbing 1.95 percent and Barrick Gold (ABX.TO) is rising 0.29 percent. IAMGOLD (IMG.TO) is up 0.23 percent and Kinross Gold (K.TO) is gaining 1.40 percent.
The Capped Materials Index is up 0.46 percent. Franco-Nevada (FNV.TO) is advancing 0.88 percent and Agnico Eagle Mines (AEM.TO) is rising 0.10 percent. Nutrien (NTR.TO) is gaining 0.06 percent.
The Capped Telecommunication Services Index is up 0.51 percent. TELUS (T.TO) is gaining 0.48 percent and BCE (BCE.TO) is higher by 0.69 percent. Rogers Communications (RCI-B.TO) is rising 0.37 percent.
On the economic front, German business confidence eased for a third consecutive month in November as the economy is "cooling down", results of the survey by the Ifo Institute showed on Monday. The Ifo business confidence indicator fell to 102 from 102.9 in October, which was revised from 102.8. Economists had expected a reading of 102.3.
Mortgage approvals for house purchase in the UK rose in October to its highest level in five months, figures from the UK Finance showed on Monday. The number of mortgage approvals for house purchase climbed to 45,289 from 37,348 in September. The figure was the highest since June, when approvals were 47,175.
In commodities, crude oil futures for December delivery are up 1.67 or 3.31 percent at $52.09 a barrel.
Natural gas for December is down 0.145 or 3.37 percent at $4.163 per million btu.
Gold futures for December are up 0.20 or 0.02 percent at $1,223.40 an ounce.
Silver for December is up 0.007 or 0.05 percent at $14.25 an ounce.
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