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

Abbotsford man charged with two child porn offences

Investigation against Jeremy Allen Willms, 42, began in April

UFV and union headed to labour relations board

Union says it’s facing ‘extraordinary’ challenges

Auto mall convoy to deliver items to Abbotsford Food Bank

Annual event takes place Saturday, Dec. 16

Andy Sidhu appointed new chancellor at UFV

Third person to take on university role, first established in 2008

Abbotsford lawyer suing The Bay claims he was assaulted by security guard

Greg Lanning says incident started when he asked to have label removed from pants

Me Too At Work: Sexual assault and harassment in the B.C. workplace

Introducing an in-depth look at who is affected and what can be done

Bomb detonated in Kamloops neighbourhood

Kamloops RCMP are investigating after an improvised explosive device was detonated Wednesday morning

No More Shootouts: Strong defence will be Canada’s backbone at world juniors

Head coach doesn’t want a situation where a hot goalie or a lucky bounce can determine a team’s fate

Maple Ridge becomes the mysterious haunt of the X-Files

Stars of sci-fi series show up in Memorial Peace Park

Proposed snowmobiles along Sicamous roads concern RCMP

RCMP, ICBC and province not yet on-board with proposed off-road bylaw in the B.C. Interior

‘Assemble your own meal’ kits grow into $120M industry in Canada

Kits offer a middle ground between eating out and grocery shopping

Millennials closing in as B.C.’s biggest wine drinkers

Generation X leads the way in current consumption of B.C. wine, as more wine drinkers are enjoying local varietals

Canadians lag behind Americans in giving to charity

Only one-in-five Canadians donated to charities in 2017

B.C. children adoption rates lagging, despite increased funding: watchdog

More than 1,000 children are still waiting to be adopted, new report shows

Most Read