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Dec. 14, 2009 (Baystreet.ca) --
Bay Street stocks are seeing some strength on Monday as global markets have received a boost from Abu Dubai's $10-billion U.S. bailout offer to Dubai.
By noon, the S&P/TSX Composite had moved 107.62 points higher to 11,531.55
Utilities have gained ground, as Canadian Utilities has added 3.8%, TransAlta is up 1.4% and Fortis has gained 1.3%.
Energy stocks are up as EnCana has rallied 5.3%, Canadian Natural Resources is up 2.1% and Suncor has gained 1.6%.
Husky Energy has added 1.1% after the company announced its $3.1 billion capital expenditure program and production guidance for 2010.
Mining stocks have gained, as Inmet is up 3.6%, Teck Resources added 1.9% and First Quantum gained 1.1%.
Kirkland Lake Gold has added 1.9% after the company reported a net loss was $10.33 million compared with a loss of $4.79 million last year. On a per-share basis, loss widened to $0.17 from $0.09 a year ago.
Gendis has dropped 1.5% after the company reported third-quarter net income of $555,000 or $0.04 per share compared to a net loss from operations of $5.86 million or $0.41 per share last year.
Petaquilla Minerals announced that it has closed non-brokered private placement of 24 million common shares at $0.50 per Share, raising gross proceeds of $12 million. The stock is down 3.1%.
Meanwhile, a report from RBC Economics predicted the Canadian economy will see a rebound in 2010. Real gross domestic product is expected to rise 2.6% next year and by 3.9% in 2011, according to RBC.
Elsewhere in economic news, Statistics Canada reported Canadian industries operated at 67.5% of their production capacity in the third quarter. This was down marginally from 67.7% in the second quarter.
The Canadian dollar was down 0.02 cents to 94.36 cents U.S.
ON BAYSTREET
All but three of the 14 TSX subgroups were higher. Metals and mining stocks led the charge, up 2.4%, followed by global base metals, ahead 2.1% and energy stocks, 1.9% stronger.
The three trailing groups were telecoms, off 0.6%, health-care stocks, down 0.3% and information technology, off 0.04%.
The TSX Venture Exchange picked up 1.46 points to 1,418.57, while the Nasdaq Canada index was up 2.60 points to 696.63
ON WALLSTREET
In New York, equities gained Monday after Citigroup said it will repay its government bailout funds and Dubai received $10 billion U.S. to cover its debt, easing worries that the emirate might default on billions it owes.
The Dow Jones Industrials added 30.16 points by noon to 10,501.66, while the S&P 500 gained 6.60 points to 1,113.01, and the Nasdaq gained 14.62 points to 2,204.93.
The Dow closed at a 14-month high Friday after better-than-expected reports on retail sales and consumer sentiment, but broader gains were limited by tech weakness and a strong U.S. dollar.
Citigroup said Monday that it will return $20 billion U.S. in bailout money to the government through a combination of stock and debt offerings.
Citigroup said the bulk of the payment will be funded through a $17-billion U.S. common stock offering. The company also said Treasury will sell up to $5 billion of the $25 billion U.S. in Citigroup common stock it holds shortly, and sell the rest of it over the next year.
President Obama was meeting Monday with top executives of some of the nation's biggest banks, including JPMorgan Chase, Bank of America and Wells Fargo.
Obama is expected to urge bankers to provide greater lending, cut back on bonuses and support financial reform efforts.
Dow component Exxon Mobil said it will buy XTO Energy in a $41-billion U.S. stock and debt deal that values XTO shares at a 25% premium to its Friday closing price. The deal also includes the assumption of $10 billion U.S. in debt.
Exxon shares fell 4% and limited any gains on the Dow. XTO shares rallied 17%.
Treasury prices went up slightly, lowering yields to 3.52%, from Friday's 3.54%. Prices and yields move in opposite directions.
The price of a barrel of oil gained nine cents to 69.96 cents U.S.
Gold prices gained four dollars to $1,124 an ounce U.S.