Canada's main stock index edged higher on Monday as precious metal miners gained even though the broader sentiment remained fragile due to fears of a setback to global business activity against the backdrop of rising coronavirus cases.
The World Health Organization reported a record increase in global cases of virus infections on Sunday, raising concerns about a slower-than-expected economic recovery.
The S&P/TSX Composite Index gained 6.73 points to greet noon at 15,480.93.
The Canadian dollar picked up 0.28 cents at 73.83 cents U.S.
The largest percentage gainer on the TSX was Westshore Terminals Investment, which jumped $1.69, or 10.7%, to $17.55 after Scotiabank raised the target price of the stock.
Its gains were followed by Pan American Silver, which rose $2.27, or 6.2%, to $38.74.
WPT Industrial REIT fell $1.06, or 5.7%, the most on the TSX, to $17.59, followed by second biggest decliner was MEG Energy, down 20 cents, or 5.3%, to $3.56.
ON BAYSTREET
The TSX Venture Exchange heightened 10.10 points, or 1.8%, to 577.30.
Eight of the 12 subgroups were lower midday, with consumer staples down 1.5%, health-care off 1.4%, and financials sliding 0.7%.
The four gainers were led by gold, sprinting 3.3%, materials, ahead 2.5%, and information technology, progressing 1%.
ON WALLSTREET
Stocks traded slightly higher on Monday, led by gains in major tech-related names. Those gains were capped, however, as investors assessed an uptick in coronavirus cases and the pace of the economic recovery.
The Dow Jones Industrials moved ahead 93.49 points to break for lunch Monday at 25,964.95
The S&P 500 gained 12.23 points to 3,109.97.
The NASDAQ took on 72.74 points to 10,018.48, for its seventh consecutive gain, as big tech stocks outperformed.
Microsoft shares climbed more than 1% while Amazon advanced 0.6%. Apple traded 1.4% higher and Netflix gained 1.3%. Facebook eked out a small gain.
Retail names, which are directly linked to the economic reopening, were also among the biggest gainers. Shares of Gap were higher by nearly 7%, boosted by an upgrade at Wells Fargo, citing the retailer’s “under-appreciated value and optionality.” Walmart gained more than 1% after an upgrade by UBS.
Shares of American Airlines — which are also linked to the recovery — were lower by 5.6% after the company said it was seeking new financing. United fell 2.3%. Reopening trades such as Casino and hotel stocks were also under pressure with Wynn Resorts slumping 4.2%, and MGM Resorts down 2.1%.
The major U.S. stock averages are coming off their fourth weekly gain in five weeks. Both the Dow and S&P 500 advanced at least 1% last week, while the NASDAQ Composite surged more than 3%.
The U.S. reported more than 30,000 additional coronavirus cases on Friday, the highest number of confirmed one-day infections since May 1, data compiled by Johns Hopkins University showed. Nevada, Florida, California and Arizona have also reported record-high single-day infections.
The recent coronavirus uptick in some states led Apple to reclose some of its stores. Meanwhile, a trade group said cruise lines voluntarily suspended all trips until Sept. 15.
Prices for the 10-Year Treasury gained ground, lowering yields to 0.68% from Friday’s 0.69%. Treasury prices and yields move in opposite directions.
Oil prices acquired 35 cents to $40.10 U.S. a barrel.
Gold prices improved $18.80 to $1,771.80 U.S. an ounce.
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