Canada’s main stock index jumped on Monday, helped by gains in energy shares on the back of higher crude prices.
| The energy sector rose 2.3 per cent, as oil prices rose to around four-month highs on Monday, aided by the prospect of prolonged OPEC-led oil supply curbs and signs of inventory declines in U.S. crude stockpiles.
| The Toronto Stock Exchange’s S&P/TSX composite index was up unofficially 111.02 points, or 0.69 per cent, at 16,251.37.
| The Canadian dollar was little changed against the greenback on Monday as investors weighed the potential impact of Tuesday’s federal budget on Canada’s fiscal deficit and bet that the U.S. Federal Reserve will strike a dovish tone this week.
| With a federal election looming and Prime Minister Justin Trudeau’s government facing its worst political crisis in four years, Canada’s ruling Liberals are expected to table a goody-filled budget in a bid to get back on course with voters.
| The Canadian dollar was trading nearly unchanged at 1.3341 to the greenback, or 74.96 U.S. cents. The currency, which advanced 0.6 percent last week, traded in a range of 1.3304 to 1.3365.
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