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

B.C. turns up the heat

Environment Canada has issued a special weather statement for most the province due to high temperatures

Conservation officers relocate two grizzlies away from Bella Coola

Officers worried the bears would become reliant on human food sources

‘Daddy bonus’ common in B.C. workplaces, study finds

UBC researchers say dads don’t have to be number one in the office to get a raise

Explosives, firearms recovered from weekend standoff in Hagensborg

A high stakes standoff ended peacefully last Friday when single male was arrested without incident

30 degrees and warmer forecasted with heat wave in B.C.

The weather could stay well into next week, according to Environment Canada

Canada won’t ‘play politics’ on U.S. migrant children policy

The U.S. government is under fire over its ”zero tolerance” policy

AFN cheif accused of being too close to Trudeau

Perry Bellegarde insists he is not that close to the Liberals as elections looms

Three injured after industrial explosion in Newfoundland

The roof of the warehouse was blown off in the explosion near St. John’s

Ottawa Senators trade Mike Hoffman, less than a week after allegations involving partner

Following the trade Senators make no mention of allegations against Hoffman’s partner

Late goal gives England 2-1 win over Tunisia

At the last World Cup in 2014, England couldn’t even win a game

Canadian military police officer pleads not guilty to sex assault

Sgt. Kevin MacIntyre, 48, entered his plea today at a court martial proceeding in Halifax

Cheers erupt as Federal Court judge approves historic gay purge settlement

Gay military veterans said they were interrogated, harassed and spied on because of their sexuality

Remains of two people found on Vancouver Island

Officials have not said whether or not the remains belong to two missing men, last seen in Ucluelet in mid-May

Helping B.C.’s helpers cope

The MRT has helped almost 7,000 first responders and street workers in 57 communities in B.C.

Most Read