North American markets could look to Europe and Asia for positive indicators this morning.

European indices gained in early trading action as U.S. markets opened following a holiday weekend. Stocks in Japan and Hong Kong made gains while stocks in Taiwan and South Korea dropped.

The Nikkei 225 index jumped 457.01 points, or 2.96%, to 15,894.94 on the Tokyo Stock Exchange. In Hong Kong, the Hang Seng Index gained 28.57 points, or 0.18%, reaching 15,627.24.

Toronto stocks rallied Monday as oil, gold and mining stocks paced the market, while U.S. markets were closed for the Presidents Day holiday.

The S&P/TSX composite index shot up 107.72, or 0.92%, to 11,865.76.

Volume on the senior exchange was 202 million shares.

Six of the 10 TSX main sub-groups ended lower, but energy, up 3.71%, and materials, up 1.23%, boosted the wider market.

While the New York Mercantile Exchange was closed, April Brent crude futures rose $1.59 to US$61.48 a barrel on London’s ICE Futures exchange. Rebel attacks against foreign oil interests in Nigeria forced that nation to cut its production by roughly one-fifth.

UTS Energy Corp. gained 53¢, or 7.90%, to $7.24

Petrolifera Petroleum disclosed positive test results from a well in Argentina. Its shares shot up $2.25, or 20.45%, to $13.25 on the news.

The gold index, a sub-set of materials, rose 2.08%.

Placer Dome reported a fourth-quarter profit of US$22 million, down from $39 million last year. Its shares gained 18¢, or 0.66%, to $27.30.

Bema Gold Corp. moved up 12¢, or 2.58%, to $4.78.

The financials group was off 0.3% on the session.

Allianz Insurance Co. of Canada and Nordic Insurance Co. of Canada, both subsidiaries of ING Canada, announced a plan to merge. The new entity will be known as Nordic Insurance. ING shares gained 50¢, or 0.89%, to $56.49.

The S&P/TSX Venture Exchange index advanced 25.99, or 1.03%, to 2,539.18.

The Canadian dollar closed trading up 0.32 of a cent to US87.18¢ on Monday. It opened this morning down 0.09 of a cent.