Canada's main stock index shot higher on Monday after last week's rout aided by gains in cyclical and financial shares. Investors were able to capitalize on much lower prices, although trading volumes stayed low with U.S. markets closed for a holiday.
The S&P/TSX stretched 253.15 points, or 1.3%, to finish Monday at 19,183.63.
The Canadian dollar moved upward 0.09 cents to 77 cents U.S.
In company news, shares of Fairfax Financial Holdings gained $9.39, or 1.5%, to $642.39, after it said it will sell its global pet insurance operations to JAB Holding, the private investment company of Germany's Reimann family, in a $1.4-billion U.S. deal.
Elsewhere, communications shone with Shaw Communications vaulting $2.80, or 8.1%, to $37.44, while Rogers hiked $3.60, or 6.1%, to $62.61.
In real-estate, units of HR gained 37 cents, or 3.1%, to $12.36, while Dream Office REIT picked up 55 cents, or 2.9%, to $19.66.
In energy stocks, Suncor Energy advanced $1.99 or 4.5%, to $46.71, while MEG Energy moved 73 cents, or 3.8%, to $19.79.
Gold didn’t hold up its end of the boat, with Centerra Gold dropping 22 cents, or 2.4%, to $9.01, while Torex Gold handed back 49 cents, or 4.1%, to $11.41.
Oil prices regained 51 cents to $110.07 U.S. a barrel.
Gold prices dipped 70 cents to $1,839.90 U.S. an ounce.
Analysts are saying the risk of inflation becoming entrenched in Canada's economy is growing, as surging prices for gas and other highly visible consumer items undercut efforts by the Bank of Canada to keep expectations for price increases in check.
ON BAYSTREET
The TSX Venture Exchange nosed up 1.57 to 641.94.
All but one of the 12 TSX subgroups moved higher with communications leaping 3.8%, energy potting 2.2%, and real-estate up 1.9%.
Gold lost 0.5%, the lone negative subgroup
ON WALLSTREET
U.S. markets are closed for the “Juneteenth” holiday.
