Bay Street stocks closed modestly higher on Monday after backing away from its highs of the day. The S&P/TSX Composite Index gained 92.59 points or 0.96% to close at 9,688.80. Toronto's main index climbed as high as 9,928.75 in early-trading as a Chinese bailout plan pushed resource stocks higher.
Gold stocks led the gainers, adding 6.2% for the day. Material stocks added 3.5%. The precious metal closed at $746.50, up $12.30 on the Comex. Agnico-Eagle Mines (AEM.TO) rose 9.4%, Kinross (K.TO) added 8.2% and Barrick Gold (ABX.TO) gained 6.4%.
Energy stocks also rose, adding 2.7%. Light sweet crude for December delivery closed at $62.41, up $1.37 on the session. Oil reached as high as $65.56 in early trading.
Interoil led the charge, adding 7.9%. Vermilion (VET.UN.TO) climbed 7.04%, Canadian Natural Resources (CNQ.TO) climbed 6.4%, Suncor (SU.TO) added 6.2% and Niko Resources (NKO.TO) gained 3%.
On the downside, Addax Petroleum Corp. (AXC.TO) lost 2.6% after announcing third-quarter sales volumes declined 4%. The company announced third quarter net income of US$248 million or US$1.59 per share from US$122 million or US$0.78 per share last year.
Telecommunications stocks added 1.3% for the day, led by a 2.8% gain for Rogers Communications (RCI.B.TO) and a 2.55% climb by Telus (T.TO).
The gains were limited as Nortel Networks Corp. (NT.TO) plunged 25.5% after the company announced a new restructuring plan that includes the elimination of 1,300 jobs. The company reported a third quarter net loss of US$150 million or US$0.30 per share, compared to a profit of US$46 million or US$0.09 per share in the same quarter last year.
Industrials were flat for the day. WestJet (WJA.TO) fell 4.9% after the company announced third quarter net earnings of C$54.7 million or C$0.42, compared to C$76.1 million or C$0.58 reported in the third quarter of 2007, representing a 28.1% decrease.
On the economic front, traders pondered the release of data showing Canada's New Housing Price Index increased 2.1% in September on a year-over-year basis, a slower pace than the 2.3% advance in August.
On a monthly basis, prices rose 0.1% between August and September, resulting in a New Housing Price Index of 158.7.
Global markets surged early after China unveiled a plan to battle the global economic crisis. The fourth-largest economy said it would relax its credit conditions, reduce taxes and plans a stimulus package amounting to about 4 trillion yuan or nearly $570 billion.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.