Canada's main stock index touched a record high in intraday trading on Monday, lifted by mining stocks as the turmoil in Venezuela drove investors towards safe-haven assets, including bullion and other precious metals.
The TSX hiked 371.76 points, or 1.2%, to reach noon EST at 32,255.13.
The Canadian dollar let go of 0.05 cents to 72.51 cents U.S.
Venezuela, home to the world's largest oil reserves, remains in focus as traders assess the impact of its leader's capture. Brent crude futures were up 1.63% as the market shrugged off immediate oil supply concerns.
In notable share moves, Minto Apartment jumped $3.64, or 26.8% to $17.25, after it said Crestpoint Real Estate Investments will take the company private in all-cash $2.3-billion deal.
ON BAYSTREET
The TSX Venture Exchange powered ahead 27.49 points, or 2.8%, to pause for lunch at 1,020.40.
Seven of the 12 subgroups were positive as morning became afternoon, led by gold and materials, each better by 3.9%, and real-estate, ahead 2.1%.
The five laggards were weighed most by energy, plunging 4.5%, while telecoms and utilities each slid 1%.
ON WALLSTREET
Stocks rose on Monday even after the U.S.' attack on Venezuela and capture of leader Nicolas Maduro as crude oil prices showed little reaction and investors bet the action would not lead to bigger geopolitical conflicts that upset markets.
The Dow Jones Industrials rocketed 723.4 points, or 1.5%, to reach noon at 49,105.79, an all-time high in the session.
The S&P 500 Index claimed 53.69 points to 6,912.16.
The NASDAQ popped 187.49 points to 23,414.13.
Energy stocks led the early gains on the notion the companies would benefit from rebuilding Venezuela’s oil infrastructure. Gold and bitcoin prices gained.
Chevron surged 5% and was seen as the biggest beneficiary because of its presence already in Venezuela, which has the largest proven oil reserves in the world. Exxon Mobil traded up 2%. Shares of oilfield services companies that could aid the Venezuela energy rebuild like Halliburton and SLB moved higher by 10% each.
Following the attack and capture by the U.S. military, Maduro and his wife, Cilia Flores, were flown to New York — where they were charged with narco-terrorism conspiracy and other crimes. Drug trafficking, according to the indictment, “has enriched and entrenched Venezuela’s political and military elite.”
President Donald Trump said Saturday in a news conference that the U.S. would “run” Venezuela “until such time as we can do a safe, proper and judicious transition.”
Shares of defense giants General Dynamics moved higher 3% and Lockheed Martin gaining 2%, with Trump’s latest action showing quick military strikes would be a key part of his policy for dealing with geopolitical issues that arise.
Prices for the 10-year Treasury gained ground, lowering yields to 4.16% from Friday’s 4.19%. Treasury prices and yields move in opposite directions.
Oil prices picked up 92 cents to $58.24 U.S. a barrel.
Gold prices sprinted $123.50 to $4,453.10
