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

Revelstoke roads and weather: high 27 degrees

Two small fires are just north of Revelstoke

Two orphan moose calves rescued near Revelstoke

The calves Clover and Chocolate are going to a sanctuary near Golden, B.C.

Revelstoke roads and weather: high 25 degrees

Yesterday’s storms resulted in nine new forest fires in southeastern B.C.

Lightning overnight sparks several fires in Shuswap

Kamloops Fire Centre investigating, describes them as spot-sized for now

Glimpses of Revelstoke’s past for June 12

Items from Revelstoke newspapers, as gleaned and edited by Cathy English, curator… Continue reading

10 facts about Father’s Day

Did you know that the special day for dads was first celebrated in 1910?

Bombers down B.C. Lions 33-23 in season opener

Former Lion Andrew Harris leads Winnipeg with 148 rushing yards

Summerland pioneers had connection to Middlesex, England

Harry Dunsdon and Richard Turner became cattlemen

Northern B.C. family remembers murdered Indigenous woman with memorial walk

Still no closure for Ramona Wilson’s family 25 years later

Vernon seeks additional fetal alcohol syndrome support B.C.-wide

“We are making a difference but we could make even more of a difference”

B.C. university to offer mentorship program for former youth in care

Students using the provincial tuition waiver program will soon be able to form a community at KPU

Gambler 500 hits Okanagan back roads

Hundreds of off road enthusiasts are rallying in the South Okanagan this… Continue reading

Cyclists competing in one of the toughest bike races on the planet pass through Fernie

Divide riders looking strong as they finish first leg of 4160 km race

You might not know these B.C. records are public

Hired a lawyer to file a civil claim? Those are published online

Most Read