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

In France, Surrey’s Ellie Chou a lone Canadian girl on World Selects hockey tourney-winner

Panorama-area player netted three goals and five assists at showcase in Chamonix

New playground opens at Surrey’s Janice Churchill Elementary

Three more Surrey schools are receiving new playgrounds this year, through a provinically funded initiative

Woman found dead in Okanagan Lake identified as Surrey resident

Police ‘do not believe criminality was involved’ in the death of 29-year-old Caitlin Bradley

‘I feel ready for it’: On a BMX, Surrey man is ‘Cycling for Sobriety’ across Canada

Mat Fee will depart Halifax on May 1 to raise money and awareness for John Volken Academy

Easter bombings a response to New Zealand attacks, says Sri Lanka minister

The Islamic State group asserted it was responsible for the nine bombings

Man charged in fatal Salmon Arm church shooting to appear in court

Matrix Savage Gathergood charged with first degree murder, aggravated assault

Two back-to-back earthquakes strike off Vancouver Island

The first earthquake happened at 1:27 p.m., the second at 2:44 p.m.

5 to start your day

Gas prices continue to remain high, torched SUV in Vancouver linked to shooting and more

New commemorative loonie marking ‘progress’ for LGBTQ2 people to be unveiled today

But advocates say it mistakenly suggests equality has been achieved largely as a result of government actions

B.C. VIEWS: NDP’s lawyer show is turning into a horror movie

Court actions pile up over pipelines, car insurance, care aides

Anti-SOGI activist slams ban on B.C. dad speaking out about transgender son’s case

A judge has told the father to stop publicly objecting to his son’s gender

PHOTOS: Green Party Leader Elizabeth May says ‘I do’ on Earth Day

May and John Kidder got married Monday morning in Victoria

Victims injured in Lower Mainland deck collapse ranged from 15 to 83 years old

Victim Services staff have reached out to those hurt and their families

Most Read