Canada's resource-heavy main stock index enjoyed but slight gains Monday as lower oil prices weighed on energy stocks, though gains in technology shares limited losses, while investors parsed economic data and reassessed interest rate expectations.
The TSX Composite Index gained 15.9 points to conclude Monday at 35,518.55
The Canadian dollar inched higher 0.02 cents to 70.13 cents U.S.
Among company news, Suncor Energy said it had agreed to sell its interests in three offshore oil assets to London-based Ithaca Energy for $1.2 billion in upfront cash. Suncor shares dipped $1.16, or 1.2%, to $97.99.
Cenovus ?Energy said it would acquire Athabasca Oil in a cash-and-stock transaction valuing the oil producer at an implied enterprise value of $5.7 billion. Cenovus sank $1.39, or 3%, to $44.69, while those for Athabasca rocketed $1.43, or 13.5%, to $12.01.
Among techs, Shopify shot higher $12.23, or 5.7%, to $228.11.
In the materials sector, First Quantum leaped $1.59, or 4%, to $345.02, while Methanex grabbed $2.70, or 3.2%, to $86.06.
In health-care, Extendicare dropped 89 cents, or 3.2%, to $27.40, while Sienna Senior Living lost 44 cents, or 2.2%, to $19.56.
In telecoms, TELUS dipped 24 cents, or 2.1%, to $11.23, while Rogers forfeited 64 cents, or 1.5%, to $43.30.
In real-estate, units of Applied Properties Real Estate dipped 56 cents, or 8.5%, to $6.02, while CT REIT fell 27 cents, or 1.6%, to $16.89.
ON BAYSTREET
The TSX Venture Exchange dipped 1.99 points to 878.58
Eight of the 12 subgroups lost ground, weighed most by health-care and telecoms, sliding 1.4%, and real-estate, off 0.9%.
The three gainers proved to be information technology, up 1.6%, while materials and gold each took on 0.2%.
ON WALLSTREET
The NASDAQ Composite sailed to a fresh all-time high as traders looked past rising U.S. Treasury yields and digested new economic data.
The Dow Jones Industrials recovered 90.94 points to 51,267.90
The S&P 500 index gained 51.23 points to 7,773.95.
The tech-heavy index popped 286.45 points, or 1.1%, to 27,477.31.
Tech stocks rallied as bond yields also advanced. The benchmark 10-year Treasury note yield was last up about two basis points to 5.298%, while the 30-year was rose three basis points at 5.659%.
Both yields surged to multi-year highs in recent weeks, as traders fretted that inflation would lead the Fed to keep rates higher for longer.
Stocks and bonds moved as traders processed the Institute for Supply Management’s latest report on economic growth in the services sector.
The ISM report showed that the Purchasing Manager’s Index grew 54.9% in September, or roughly in line with expectations. However, that figure came in modestly below the index’s rate of growth for the previous month.
Prices for the 10-year Treasury slipped, bringing yields up to 5.31% from Friday’s 5.29%. Treasury prices and yields move in opposite directions.
Oil prices eased $2.09 to $89.02 U.S. a barrel.
Gold prices progressed eight dollars to $4,170.30 U.S. an ounce.
NASDAQ Enjoys Fresh New Peak
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