Today in the markets
U.S. stocks rose Monday as investors began the holiday-shorted week in an optimistic mood about the fiscal cliff negotiations in Washington.
Canada’s main index was led upwards by material and energy stocks as commodity prices advanced on hopes that a U.S. budget crisis will be averted.
The S&P/TSX Composite Index rose 162.68 points to 12,040.40, while the TSX Venture Exchange added 14.62 points to close at 1,249.96.
Active stocks included Intel Corp. (NASDAQ: INTC, Stock Forum), which slipped 0.30% to $20.25 after the company said CEO Paul Otellini will retire in May. The board of directors will conduct a search for his successor.
Shares of Lowes Cos. (NYSE: LOW, Stock Forum) gained 6.2% to close at $33.96 after the home improvement retailer reported better-than-expected earnings of 40 cents U.S. a share on sales of $12.1 billion U.S.
In Canada, the telecom sector was in focus after BCE Inc. (TSX: T.BCE, Stock Forum) (NYSE: BCE, Stock Forum) and Astral Media Inc. (TSX: T.ACM.A, Stock Forum) (TSX: T.ACM.B, Stock Forum) said they are submitting a new acquisition proposal to the CRTC, saying they've found ways to address the regulator's concerns over the level of ownership concentration in some markets. BCE shares fell 0.05% to $42.01, while Astral climbed 3% to $45.78.
In the energy sector, as oil prices rallied on supply disruption fears, Cenovus Energy Inc. (TSX: T.CVE, Stock Forum) (NYSE: CVE, Stock Forum) improved by 86 cents to $33.25 while Suncor Energy Inc. (TSX: T.SU, Stock Forum)(NYSE: SU, Stock Forum) gained 89 cents to finish at $32.43.
For news about small stocks that made big moves in Monday’s trading, please read the
Stockhouse Canadian Small and Micro-cap Stock Report