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

Ucluelet approves RVs as temporary housing solution for fish plant workers

“We are hoping for the best. Everybody has to support each other here.”

Ucluelet Chamber of Commerce champions unique staff housing solution

“It was a win-win situation for all of us.”

Tofino mayor cheers provincial government’s plastics survey

Mayors of Tofino, Victoria, Squamish and Rossland collaborate on letter.

Youth lead Ucluelet Cemetery nameplate project

Students navigate maps and scour local archives over three years to honour deceased.

Trudeau vows to stand firm against ‘increasingly assertive’ China

China has accused Canada of meddling in its affairs

B.C. family stranded in Croatia desperate to come home

Funds being raised to bring back mom and two children

$5-million lotto ticket sold in Nanaimo

Someone matched all six numbers in Wednesday’s 6/49 draw

B.C. man tells judge he attempted suicide a month before daughters’ murders

Andrew Berry takes stand in his defense for December 2017 deaths of young daughters

‘Plenty of time for a deal’: Teachers’ union expects kids back in school on Sept. 3

BCTF says class size, composition at the heart of the issue

Province funds new shuttle buses for 13 B.C. senior centres

Activity, socializing helps maintain health, Adrian Dix says

BREAKING: Province approves Surrey police force

Minister of Public Safety Mike Farnworth green-lights city’s municipal police force

Thermal imaging cameras eye Salish Sea in hopes of better detecting whales

Cameras installed at BC Ferries’ terminal on Galiano Island, and off southern Gulf Islands

Most Read