Equities in Toronto whipsawed Monday, before finishing every-so-slightly in the green, as gains in energy and utilities overcame weakness in consumer stocks.
The TSX Composite closed Monday up 20.36 points to 21,126.36.
Suncor Energy displayed muscle, picking up 84 cents, or 2.2%, to $38.66.
Nutrien leaped $5.52, or 5.3%, to $108.60. Shopify reached skyward $20.30, or 2.4%, to $880.25.
Teck Resources strengthened $14.19, or 1.7%, to $874.15.
TD, however, lost $2.33, or 2.2%, to $102.35.
On the economic calendar, Statistics Canada said its industrial product price index was up rose 3.0% month over month in January and was 16.9% higher than in January 2021, while its raw materials price index was up 6.5% on a monthly basis in January 2022 and up 30.5% year over year.
ON BAYSTREET
The Canadian dollar leaped 0.51 cents to 78.90 cents U.S.
The TSX Venture heightened 13.36 points, or 1.6%, to 849.57
Seven of the 12 TSX subgroups were lower, with consumer staples falling 1.8%, and consumer discretionary stocks down 1.1%, and real-estate off 1%.
The five gainers were led by energy, up 2.6%, utilities ahead 1.1%, and materials, nicking higher 0.0%.
ON WALLSTREET
U.S. stocks fell in volatile trading on Monday as investors monitored developments in the Russian invasion of Ukraine, including a new batch of sanctions from the U.S. and its allies.
The Dow Jones Industrials declined 168.72 points to close for business Monday at 33,890.03
The S&P 500 faded 10.87 points to 4,373.78
The NASDAQ Composite Index regained 56.78 points to 13,751.40.
Defense stocks like Lockheed Martin and Northrop Grumman rose 4.5% and 5.8%, respectively. Cybersecurity stocks also outperformed, with Crowdstrike jumping 5%, helping limit losses for the NASDAQ.
Bank stocks were under pressure, with JPMorgan falling 2.8% and Citigroup dropping more than 4%.
Oil stocks were mixed despite the rise in commodities prices. The London-traded shares of BP and Shell fell sharply after the companies announced they would sever ties with Russian energy firms. Occidental Petroleum’s stock surged 11%.
Solar energy stocks jumped, with Enphase Energy rising roughly 5%, as the conflict made some policymakers more worried about the reliance on fossil fuels.
Lower bond yields appeared to boost tech stocks, helping the market to reverse its early losses. Shares of Tesla jumped 7%, while chipmaker Nvidia rose more than 1%.
The moves come amid turmoil over the conflict between Russia and Ukraine, where Ukrainian forces have held key cities including the capital of Kyiv. At the same time, Ukraine officials have arrived near the border for talks with Russian officials.
In the most recent financial developments, the Central Bank of Russia more than doubled its key interest rate, to 20% from 9.5% in reaction to a currency move that saw the ruble tumble nearly 16% against the U.S. dollar.
Over the weekend, the U.S. joined allies in Europe and Canada in moving to bar key Russian banks from the interbank messaging system, SWIFT. The system connects more than 11,000 banks and financial institutions in more than 200 countries and territories.
Russian military vehicles entered Ukraine’s second-largest city Kharkiv with reports of fighting taking place and residents being warned to stay in shelters.
Prices for the 10-year Treasury jumped, lowering yields to 1.83% from 1.98% on Friday. Treasury prices and yields move in opposite directions.
The price of oil popped $4.36 to $95.95U.S. a barrel.
Gold prices rocketed $22.80 to $1,910.40 U.S. per ounce,
Market Volatility Continues, Indexes Down
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