Equities in Canada’s largest centre climbed on Monday, helped by gains in energy and mining stocks, bouncing back from last week's losses that were triggered by a hawkish U.S. Federal Reserve.
The TSX Composite index moved higher 38.43 points to kick off Monday and the week at 20,038.02.
The Canadian dollar eked up 0.03 cents to 80.63 cents U.S.
CIBC raised the target price on Altagas to $28.00 from $26.00. Altagas picked up four cents to $25.84.
CIBC raised the target price on Enbridge to $57.00 from $52.00. Enbridge dropped 23 cents to $49.20.
Scotiabank upped its rating on Paramount Resources to sector perform from underperform. Paramount shares jumped $1.40, or 9.8%, to $15.64.
With fiscal spending booming and households flush with cash, investors are betting that the Bank of Canada's next tightening cycle, expected to begin in 2022, will result in interest rates climbing above the previous peak for the first time in decades.
ON BAYSTREET
The TSX Venture Exchange dropped 2.64 points to 944.19.
Eight of the 12 TSX subgroups were up in the first hour, led by energy, ahead 1.5%, consumer discretionary stocks, better by 0.6%, and financials, richer by 0.4%.
The four laggards were weighed most by health-care, suffering 1.5%, consumer staples, sliding 0.6%, and information technology, off 0.5%.
ON WALLSTREET
U.S. stocks climbed on Monday as the market attempted to recover some of the losses caused by the Federal Reserve’s policy shift.
The 30-stock index sprang back to life in the first hour of Monday’s session, jumping 407.69 points, or 1.2%, to start the week at 33,697.77, rebounding from its worst week since October.
The S&P 500 recouped 35.41 points to 4,201.86,
The NASDAQ restocked 37.15 points to 14,068.02, as some key tech names including Amazon, Tesla and Netflix all traded in the red.
Commodity stocks that were hit hard last week were rebounding, including Exxon and Chevron, up about 1% apiece. Reopening plays including Gap and Boeing were higher. Banks including JPMorgan, Bank of America and Goldman Sachs also rebounded.
Prices for 10-Year Treasurys stumbled, raising yields to 1.48% from Friday’s 1.44%. Treasury prices and yields move in opposite directions.
Oil prices tacked on 39 cents to $72.03 U.S. a barrel.
Gold prices recovered $6.10 to $1,775.10 U.S. an ounce.
