Canada's main stock index opened higher on Monday, as energy shares tracked higher crude prices with the United States and Western allies weighing a ban on imports of Russian oil, while delays in talks with Iran also fueled supply concerns.
The S&P/TSX Composite index leaped 74.28 points to start the session at 21,476.71.
The Canadian dollar dipped 0.26 cents to 78.38 cents U.S.
CIBC raised target price on Artis REIT to $13.5 from $12.5
National Bank of Canada cut the rating on Bank of Montreal to sector perform from outperform.
CIBC cut the target price on Sleep Country Canada Holdings to $39.00 from $47.00.
ON BAYSTREET
The TSX Venture nicked up 1.34 points to 848.58.
Of the 12 TSX subgroups, eight were positive, with energy leading the charge, up 2.7%, while materials gained 1.5%, and industrials picked up 1.1%.
The four laggards were weighed most by health-care, down 0.9%, consumer discretionaries, falling 0.8%, and information technology, off 0.7%.
ON WALLSTREET
Stocks fell again on Monday, following four straight weeks of declines, as investors grew increasingly concerned higher energy prices stemming from the Russia-Ukraine conflict would slow the economy while raising inflation.
The Dow Jones Industrials surrendered 370.19 points, or 1.1%, to 33,244.61.
The S&P 500 dropped 52.13 points, or 1.2%, to 4,276.37.
The NASDAQ Composite faltered 203.6 points, or 1.5%, to 13,109.84.
As the Russia- Ukraine war continues, investors are monitoring the potential economic ramifications of disruptions in the global supply of energy.
Energy stocks rose alongside the price of oil. Baker Hughes added 5%. Valero Energy and ConocoPhillips rose 2% each. Exxon Mobil rose 2%.
Meanwhile, bank stocks were among the biggest losers, on Monday with Citigroup down 3.9% and U.S. Bancorp down nearly 3% as investors grew concerned about slowing economic growth.
McDonald’s, Starbucks and Nike fell on Monday on concern about $4 gas prices hitting consumers’ wallets. On Sunday, gas prices surged to their highest level since 2008, with the national average hitting $4.06 a gallon, according to AAA.
Bed, Bath & Beyond soared more than 65% after GameStop Chairman Ryan Cohen revealed he had a nearly 10% stake in the retailer, through his investment company RC Ventures.
Forecasters expect the U.S. will grow more slowly with higher inflation, Europe’s economy will toggle near recession and Russia’s GDP will experience a double-digit decline amid the geopolitical conflict.
Secretary of State Antony Blinken said Sunday that the U.S. and its allies are considering banning Russian oil and natural gas imports in response to the country’s attack on Ukraine.
Prices for the 10-year Treasury were down soon after the opening of equity markets, driving yields to 1.77% from Friday's 1.74%. Treasury prices and yields move in opposite directions.
Oil prices hiked $2.70 to $118.38.
Gold prices zoomed $17.40 to $1,984.00.
