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

The strange case of Jesokah Adkens

All was not what it seemed in Sooke girl’s disappearance 18 years ago

Police stay quiet on downtown fire investigation

The fire at Victoria’s Plaza Hotel was deemed suspicious on May 14

Police arrest jewelry thieves in same building they allegedly stole from

More than $6,000 worth of jewelry was recovered

Coastline serves up a feast of fiddlers in Oak Bay

Local Juno Award winner musical director for ensemble

High of 21 C for Wednesday

Plus your weekend forecast

Killer of Calgary mother, daughter gets no parole for 50 years

A jury found Edward Downey guilty last year in the deaths of Sara Baillie, 34, and five-year-old Taliyah Marsman

RCMP searching for missing Vancouver Island teenager

16-year-old Lasheena Seward was reported missing from a group home in Port Alberni

Sitting and sleeping on downtown sidewalks could net $100 fine in Penticton

The measure, which still requires final approval, would be enforced between May and Sept. 30

B.C. man killed in logging accident ‘would have done anything for anyone’

Wife remembers 43-year old Petr Koncek, father of two children

Ottawa spending $24.5M to research on health benefits, risks of pot use

$390,000 will fund two cannabis public awareness

Crackdown on money laundering does not include federal public inquiry: minister

An independent report commissioned concluded $7.4 billion was laundered in B.C. last year

Trudeau’s action plan on climate change brings B.C. politician out of retirement

Terry Lake, a former B.C. health minister, is running for federal office in Kamloops-Thompson-Cariboo

Survey finds minimal progress in Canadian military’s fight against sexual misconduct

1.6 per cent of regular-force members — 900 military personnel — reported having been victims of sexual assaults over past year

Most Read