Gains in technology and energy shares pulled Canada's main stock index higher on Monday, as investors closely tracked the Russia-Ukraine crisis and awaited the release of Bank of Canada surveys that could offer clues on the inflation outlook.
The S&P/TSX Composite Index surged 34.11 points to move from morning into afternoon Monday at 21,987.06.
The Canadian dollar recovered 0.37 cents to 80.19 cents U.S.
The largest percentage gainers on the TSX were Ballard Power, which jumped $1.21, or 8.4% to $15.66, after Citigroup raised its price target on the stock and Lightspeed Commerce, which rose $3.29, or 8.4%, to $42.37.
Innergex Renewable Energy fell 70 cents, or 3.5%, to $19.23, after TD Securities downgraded the stock to hold. Another big decliner was Tilray, down 26 cents, or 2.8%, to $9.12.
Economically speaking, Statistics Canada reported the total value of building permits rose 21.0% to a record $12.4 billion in February, with British Columbia leading the way.
The agency went on to say construction intentions in the residential sector were up 9.8%, while the non-residential sector jumped 43.2%.
ON BAYSTREET
The TSX Venture Exchange stayed buoyant 7.45 points to 904.87.
Seven of the 12 TSX subgroups were positive heading into noon hour, with information technology, up 2.5%, consumer staples, ahead 0.6%, and health-care, progressing 0.4%.
The five laggards were weighed mostly by gold, down 0.7%, while utilities and communications, down 0.5% each.
ON WALLSTREET
The S&P 500 gained on Monday as traders shook off recession fears and bought technology shares that were beaten up in the first quarter.
The Dow Jones Industrials dipped 10.94 points to 34,807.33
The S&P 500 was ahead 19.5 points to 4,565.36.
The NASDAQ Composite popped 202.2 points, or 1.4%, to 14,463.70.
Tech shares, which were among the hardest-hit sectors in the first quarter as investors feared the Fed’s rate-hiking plans could hinder the group, rose on Monday.
Twitter gave the NASDAQ a lift after shares surged more than 25% following news that Elon Musk purchased a 9.2% passive stake in the company. Tesla’s stock also rose 4% on the back of its latest quarterly electric vehicle delivery figures on Saturday, which came in above the year-earlier period.
Technology companies including Apple, Amazon, Nvidia and Microsoft were also up more than 1%.
Meanwhile, shares of Starbucks dipped 5.7% after the coffee chain suspended its share repurchase program.
April is typically one of the best months for stocks, edging higher in the last 20 years by 2.41% on average, MKM Partners’ JC O’Hara wrote in a note. Within 16 of the last 17 Aprils, the S&P has also inched higher.
Treasury prices sagged, with yields leaping to 2.41%, from Friday’s 2.37%. Treasury prices and yields move in opposite directions.
Oil prices regained $3.98 to $103.25 U.S. a barrel.
Gold prices surged $12.00 to $1,935.70 U.S. an ounce.
