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Stocks Retreat from Record Highs

Gold Takes Hit

Equities took a small dive from their dizzy heights on Monday, with resource and real-estate stocks weighing most heavily.

The TSX Composite slipped 88.84 points to finish the session at 21,324.31.

The Canadian dollar inched higher 0.03 cents to 74.04 cents U.S.

Among gold stocks, Oceanagold lost 12 cents, or 4.9%, to $2.33, while Lundin Gold quelled $6.85, or 5.2%, to $15.50.

In real-estate, CAPREIT dished off $1.41, or 2.8%, to $48.83, while Northern Health Properties REIT dipped 12 cents, or 2.8%, to $4.18.

In materials, K92 Mining sank 50 cents, or 8.3%, to $5.52, while Orla Mining retreated 38 cents, or 7.7%, to $4.53.

Techs moved in the opposite direction, with Bitfarms up 79 cents, or 19.3%, to $4.88, while HUT 8 Mining surged $1.89, or 17.9%, to $12.45.

In energy stocks, Tamarack Valley Energy took on 10 cents, or 3.1%, to $3.34, while Peyto Exploration added 39 cents, or 2.8%, to $14.31.

In consumer staples, North West Company climbed 60 cents, or 1.5%, to $40.27, while Primo Water pointed higher 28 cents, or 1.4%, to $21.57.


The TSX Venture Exchange nicked higher 2.09 points to 550.23.

Eight of the 12 subgroups were lower on the day, with gold sliding 1.9%, while real-estate and materials each dropped 1.2%.

The four gainers were led by information technology, up 0.9%, energy, ahead 0.7%, and consumer staples, better by 0.2%.


The S&P 500 slipped on Monday as the broad market index retreated from its record notched last Friday and investors awaited key inflation data.

The Dow Jones Industrials tailed off 62.3 points to end Monday’s session at 39,069.23.

The much-broader index fell 19.27 points to 5,069.53.

The NASDAQ index lopped off 20.57 points to 15,976.25.

Amazon joined the 30-stock Dow on Monday, replacing Walgreens Boots Alliance. The Dow’s holdings are weighted according to stock price, not market cap. The addition of the e-commerce giant will increase the index’s exposure to tech and consumer retail. Amazon shares inched lower by 0.15%.

New home sales in January came in below economists’ estimates as mortgage interest rates remained elevated. Sales of new single-family homes came in at 661,000 for the month, an increase of 1.5%, according to seasonally adjusted numbers the Census Bureau and Department of Housing and Urban Development released Monday. The total missed the Dow Jones estimate for 680,000 and 2.4%, respectively.

There’s a raft of economic releases on deck, including January durable orders data on Tuesday and January wholesale inventories on Wednesday. Consumer spending and PCE numbers will come out on Thursday.

Prices for the 10-year Treasury sank, raising yields to 4.28% from Friday’s 4.25%. Treasury prices and yields move in opposite directions.

Oil prices gained $1.10 to $77.59 U.S. a barrel.

Gold prices slid $7.50 to $2,041.90.