Toronto stock market climbs after Trump win

Markets worldwide reacted with less volatility than predicted.

The Toronto Stock Market climbed early Wednesday morning.

TORONTO – Canada’s largest stock market climbed in early trading Wednesday as the reality of Donald Trump serving as president of the world’s largest economy settled in.

After about an hour, the S&P/TSX composite index was up 45.69 points at 14,702.53, led by a strong rally in the metals, gold and materials sectors.

The Canadian dollar was down 0.94 of a U.S. cent, trading at 74.22 cents US. But that was up from the overnight low of 73.89 cents US as it first became clear Trump would emerge victorious in the U.S. election.

U.S. indexes were see-sawing an hour after the opening bell, a sharp contrast to the steep declines incurred in overnight trading.

The Dow Jones industrial average was up 16.40 points at 18,348.83, the broader S&P 500 was down 4.59 points at 2,134.97 and the Nasdaq composite index was down 19.50 points at just under 5,174.

Crude oil was at US$45.44 a barrel, down 17 cents from Tuesday. December gold contracts were at US$1,288.60 an ounce, up $14.10.

On the Toronto Stock Exchange, gold companies were among the biggest gainers. Two of Canada’s biggest producers, Barrick Gold (TSX:ABX) and Goldcorp (TSX:G), were up about four per cent.

Among the biggest losers were forestry and manufacturing companies, including several B.C. lumber producers and Ontario-based auto parts manufacturers.

The relatively calm response of North American stock markets defied early predictions that there would be extreme volatility in the event of a Trump win. It was also in stark contrast to the response of markets overseas, which saw heavier losses, including Japan’s Nikkei, which closed 5.4 per cent lower.

Trump’s victory speech seemed to calm markets, since it lacked the fiery attacks on rival Hillary Clinton and the condemnation of free trade agreements that has characterized his campaigning.

“I want to tell the world community that while we will always put America’s interests first, we will deal fairly with everyone. With everyone. All people and all other nations,” Trump said. “We will seek common ground, not hostility. Partnership, not conflict.”

The Canadian Press

Just Posted

Survey finds SkyTrain extension has 85 per cent support in Surrey, Langley

TransLink says there has been record-level response in public engagement about the project

OPP looking for suspect after Best Buy credit-card fraud in Surrey

Ontario Provincial Police believe suspect has links to Surrey and Langley

B.C. premier hints at twin-tunnel plan for George Massey Tunnel

John Horgan cancelled plans for a 10-lane bridge to replace the 60-year-old tunnel shortly after taking office

Surrey residents voice disappointment with Surrey’s first public consult on policing plan

First ‘public engagement’ meeting on plan to swap out the RCMP for a city-made police force in Cloverdale Thursday

600 new campsites coming to provincial parks and recreation sites across B.C.

Tourism Minister announced half of the new spots to 13 most popular provincial parks

Spring rain needed as B.C. sees one of the lowest snowpack levels in 40 years

Snowpack levels in B.C. recorded on May 15 were similar to those in 2015 and 2016

Court to rule on B.C.’s pipeline permit law in crucial case for Trans Mountain

A panel of B.C. Court of Appeal judges has been mulling B.C.’s constitutional reference cas

Theresa May to quit as party leader June 7, sparking race for new PM

The new Conservative leader will become prime minister without the need for a general election

Vancouver man in serious condition after crash between motorcycle, transport truck

The man, 40, remains in hospital after a Thursday collision. Police believe speed was a factor

B.C. man who fell off cliff returns there to rescue eagle from vulture attack

Nanaimo’s James Farkas, who broke his hip in a fall, saves eagle on same beach months later

Raptors beat Bucks 105-99 to move within 1 game of NBA Finals

Leonard scores 35 as Toronto takes 3-2 series lead over Milwaukee

B.C. Supreme Court dismisses review around ferry workers’ right to strike

B.C. Ferry and Marine Workers’ Union collective agreement expires November 2020

Fraser Valley man dead after car hurtles from embankment west of Campbell River

Survivor of crash rushed to hospital by helicopter in serious condition

Most Read