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

North Saanich is B.C.’s least “most dangerous” town

Sidney is the Saanich Peninsula’s “most dangerous” town, in magazine’s crime rankings released Nov. 23

Smouldering U-Haul snarls Pat Bay traffic

Afternoon commuters were reduced to one northbound lane after a U-Haul cube… Continue reading

Dean Park exemption set to be pulled

North Saanich council is steaming ahead with plans to remove an exemption… Continue reading

Pedestrian struck in downtown Sidney after receiving safety reflector

Man treated for minor injures by police who were at the scene handing out reflectors

New map targets Sidney’s hot crime spots

Local RCMP issue monthly crime statistics map to help raise awareness

Sidney RCMP, ICBC raising awareness of pedestrian safety

Reflectors given out to help make pedestrians more visible to drivers

Coins for Kids campaign is back!

News Review helping collect money to buy presents for children on the Saanich Peninsula

Charge laid against B.C. man in alleged cat torture

Joshua Michael Lemire, 20, has been charged with one count of causing unnecessary pain/suffering to an animal.

Sidney fire hall, parking lot, go up for sale

Town hopes to sell properties to offset cost of building its new fire hall

Site C allows more wind, solar energy, experts say

Lawyer, economist argue for completion of B.C. Hydro dam

Record-high temperatures reached in 18 spots in B.C.

White Rock, Victoria and the Fraser Valley made new records for the unusually warm November day

Victoria hit and run suspect sought after pedestrian struck by truck

VicPD ask for the public’s help with incident at Cook and Yates streets

Saanich among safest communities in Canada

It is the sort of list where you want to finish near… Continue reading

Most Read