Equities in Canada’s largest centre managed to hold onto gains midday Monday, lifted by energy stocks as major oil producers including the Organization of the Petroleum Exporting Countries and its allies agreed to extend output cuts till the end of July.
The S&P/TSX Composite Index stayed above water 9.92 points to 15,863.99.
The Canadian dollar progressed 0.60 cents at 74.71 cents U.S.
The largest percentage gainers on the TSX were Shawcor, jumping $1.01, or 28.5%, to $4.56, and Baytex Energy, which rose six cents, or 7.1%, to 90 cents.
Mining company B2Gold dropped 14 cents, or 2%, the most on the TSX, to $6.75, followed by Kirkland Lake Gold’s fall of 71 cents, or 1.4%, to $50.64.
Canada Mortgage and Housing Corporation this morning put the trend in housing starts at 196,750 units in May, down from 198,644 units in April.
Excluding Quebec, the trend was 151,072 units last month, down from 155,600 units in April.
ON BAYSTREET
The TSX Venture Exchange was up 6.14 points to 563.05.
The 12 TSX subgroups were divided evenly, with health-care skyrocketing 6.1%, real-estate, up 2.4%, and energy, up 1.1%.
The half-dozen laggards were weighed most by consumer staples, down 1.5%, industrials, skidding 0.8%, and information technology, off 0.6%.
ON WALLSTREET
Stocks rose on Monday, building on the previous week’s sharp gains on optimism over the economy reopening.
The Dow Jones Industrials was off its highs of the morning, but up 234.55 points, to reach noon at 27,345.53.
The S&P 500 moved up 11.68 points to 3,205.61.
The NASDAQ recovered 12.97 points to 9,827.05, and hit a fresh record high.
The Dow surged 6.8% last week while the S&P 500 jumped 4.9%. The NASDAQ climbed 3.4% and closed at record levels for the first time since Feb. 19. The tech-heavy NASDAQ was the first of the three major indexes to trade back at all-time highs since the coronavirus pandemic shuttered the global economy.
Stocks tied to the reopening of the economy led the gains once again. Airlines, retailers and cruise lines were higher. United was up 9.4%. Kohl’s added 5.3%. Shares of Carnival Corp. were up more than 13%.
Stay-at-home winners such as Netflix, Microsoft and Zoom Video all lagged the broader market. Netflix dropped more than 1% while Microsoft traded 0.6% lower. Zoom Video shares slid 2.4%.
Prices for the 10-Year Treasury were higher, lowering yields to 0.87 from Friday’s 0.88%. Treasury prices and yields move in opposite directions.
Oil prices lopped off $1.36 to $38.19 U.S. a barrel.
Gold prices regained $13.20 to $1,696.20 U.S. an ounce.
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