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TSX Enjoys Strong Start to Week
The TSX gained 86.26 points to close Monday at 24,976.94.
The Canadian dollar recovered 0.38 cents to 71.37 cents U.S.
Canadian investors were squarely focused on the consumer price index data due this week, which could provide clues on the Bank of Canada's move at its December policy meeting.
The BoC slashed interest rates by half a percentage point last month to boost the domestic economy. Traders see a 33.4% chance for another 50-basis-point rate cut next month.
In corporate news, Canadian fund Brookfield plans to offer about seven billion euros ($7.4 billion U.S.) for Spanish drugmaker Grifols after finishing due diligence, according to news website El Confidencial. Brookfield shares slid $1.38, or 1.7%, to $78.63.
Gold stocks were most positive on the day, as Oceanagold took on 27 cents, or 7%, to $4.12, while Iamgold advanced 45 cents, or 6.5%, to $7.41. In other metals, Orla Mining surged 42 cents, or 7.6%, to $5.97, while Silvercrest Metals hiked 80 cents, or 5.9%, to $14.37.
In energy, Birchcliff Energy jumped 15 cents, or 3%, to $5.09, while Tamarack Valley Energy moved ahead 10 cents, or 2.3%, to 2.3%, to $4.45.
Consumer staples took it on the chin, though, Loblaw Companies bruising $4.55, or 2.5%, to $176.93, while Empire Company ditched 79 cents, or $40.68.
In health-care, Tilray dumped six cents, or 3.2%, to $1.84, while Bausch Health Companies fell 19 cents, or 1.6%, to $11.79.
Tech stocks also were weaker Quarterhill down 19 cents, or 5.9%, to $1.59, while Bitfarms suffered 16 cents, or 5.1%, to $3.01.
In matters economic Monday, Canada Mortgage and Housing Corporation reports October housing starts increased 240,800 from 223,400 last year, while Statistics Canada said foreign investors increased their exposure to Canadian securities by $29.3 billion in September, the largest investment since April. Meanwhile, Canadian acquisitions of foreign securities slowed to $4.1 billion, down from a $12.3 billion investment in August.
ON BAYSTREET
The TSX Venture Exchange zoomed 2.95 points to 594.17.
Eight of the 12 subgroups were in the red. Consumer staples were punished 1.5%, while health-care hesitated 0.5%, and information technology slid 0.3%.
The four gainers were led by gold, brighter 3.5%, while materials soared 2.6%, and energy, jumping 1.1%.
ON WALLSTREET
The NASDAQ Composite rose Monday following a rough week, as Tesla shares surged and Wall Street looked ahead to some major market-moving earnings reports.
The Dow Jones Industrials fell 55.39 points to 43,389.60.
The S&P 500 recouped 23 points to 5,893.62.
The tech-heavy index zoomed 111.68 points to 18,791.81, as Tesla gained 5.6%. The electric vehicle maker rose after Bloomberg News reported, citing sources, that President-elect Donald Trump’s team is working on ways to ease regulation on self-driving vehicles.
Tesla spearheaded the tech-heavy index’s rally, popping 7% amid a Bloomberg News report, citing sources, that President-elect Donald Trump’s team is working on ways to ease regulation on self-driving vehicles. Elsewhere, Apple took on 1.3%, and Netflix gained 2.8%, while Advanced Micro Devices surged 3%.
Beyond Nvidia, investors await a batch of earnings from key retailers, which could offer greater insight into the health of the economy and consumer spending. About 93% of S&P 500 companies have reported results so far. More than 74% have topped earnings expectations and 62% have surpassed revenue estimates
Prices for the 10-year Treasury reasserted themselves, dropping yields to 4.42% from Friday’s 4.44%. Treasury prices and yields move in opposite directions.
Oil prices muscled higher $2.10 to $69.12 U.S. a barrel.
Prices for gold jumped $44.60 an ounce to $2,614.70 U.S.
