RTTNews - Bay Street stocks are up for a fifth straight session on Monday, led by strength in the strength in the key energy and financial sectors.
The S&P/TSX Composite Index has climbed 117.18 points or 1.12% to 10,505.97. The market is on target for its best close since June 12.
Financials have added 1.9% as Royal Bank (RY.TO) is up 2.6%, Scotiabank (BNS.TO) has added 2.6% and CIBC (CM.TO) has climbed 1.7%.
Energy stocks are up 1.7% as crude oil has gained $1.92 to $71.08 per barrel. Suncor (SU.TO) has risen 2.8%, Canadian Natural Resources (CNQ.TO) is up 2.6% and Encana (ECA.TO) has gained 1.6%.
On the corporate front, Paladin Labs (PLB.TO) has added 2.5% after the company agreed to acquire a bundle of products currently marketed in Canada by Wyeth, including acetylsalicylic acid and benzocaine. Financial terms were not disclosed.
Tim Hortons (THI.TO) is up 0.7% after the company has applied to become a Canadian company, in an effort to save taxes. The vast majority of the doughnut chain's nearly 3,500 restaurants are in Canada.
Bombardier (BBD.B.TO) workers voted to accept the a labor contract and avoided a strike. A total of 84% of workers voted in favor of the contract, according to Bloomberg. Shares are up 1.75%.
SNC-Lavalin Group (SNC.TO) has lost 3.7% as the company announced the pricing of an aggregate principal amount of $350 million 6.19% debentures.
Trading is expected to be light this week with Bay Street markets closed on Wednesday for Canada Day and U.S. markets closed next Friday for Independence Day.
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