The TSX added 99 points today, driven by a jump in precious metal and gold stocks.
Commodities led the way on Bay Street, with materials climbing 1.9 percent, taking the title as the top gainer among the index’s nine sectors in the green.
Gold prices jumping to a 10-month high had a ripple effect on many of Canada’s heavily traded mining stocks, which were up four percent or higher.
Kinross Gold led the way by rising 8.2 percent, after the Toronto-based gold and silver mining company reporting healthy fourth quarter profits last week.
Meanwhile, production cuts from the world’s largest exporters are pushing up the price of oil. Crude hit a three-month high, rising another 50 cents to $56.09 US a barrel.
On the entertainment front, a video streaming giant made waves north of the border, with Netflix announcing that it is creating a dedicated production hub in Toronto.
Netflix has chosen two studio spaces in Toronto that it says “will expand its production presence in Canada.”
At Cinespace Studios, Netflix will lease four sound stages, along with office space and support space totaling approximately 164,000 square feet.
Netflix’s stock was up 1.4 percent.
In New York, U.S. markets moved up slightly with the Dow adding eight points and the Nasdaq gaining 14 points. The Dow lost ground near the close, however, as investors continue to monitor U.S./China trade negotiations.
However, boosting hope was U.S. President Donald Trump saying that the March 1st deadline for a deal to be made is “not a magical date.”
A retail giant also helped keep the exchange above the flat line. Walmart moved up 2.2 percent, after the retail heavyweight’s fourth quarter profit results beat expectations.
Walmart reported total revenue was $138.8 billion, an increase of $2.5 billion, while its holiday e-commerce sales increased 43 percent.
Gold continues to ascend, up $20.90 to $1,339 an ounce while the Canadian dollar reversed course after starting the day lower. The loonie was 12/100ths higher to $0.7564 US.
