Canada's main stock index rose on Monday as energy stocks rallied on the back of strength in oil prices, with investor sentiment getting a boost globally from signs of a let-up in China's crackdown on its technology sector.
The S&P/TSX came off its highs at the open, but remained positive 66.79 points, to each noon EDT at 20,857.52.
The Canadian dollar nosed ahead 0.01 cents to 79.55 cents U.S.
In company news, Air Canada shed early gains and fell into the red 12 cents to $21.17, after a top regional executive said the airline was expecting demand for flights between Canada and the Asia-Pacific to recover to near pre-pandemic levels by December next year.
Tech firms did well, as Magnet Forensics added 70 cents, or 4.5%, to $16.35, and Docebo tallied $1.26, or 3%, to $42.92.
In health-care, Canopy Growth faded 22 cents, or 4.1%, to $5.20, while Tilray fell 19 cents, or 3.6%, to $5.12.
ON BAYSTREET
The TSX Venture Exchange edged up 0.92 points to 721.03.
Eight of the 12 subgroups were positive midday, with information technology surging 1.2%, while consumer staples and financials were each up 0.7%.
The four laggards were weighed most by health-care, down 1.7%, while gold slid 1.5%, and materials dipped 1%.
ON WALLSTREET
Stocks moved broadly higher on Monday as Wall Street tried to rebound from a losing week.
The Dow Jones Industrials also came off its morning peak, but remained aloft 115.41 points to 33,015.11.
The S&P 500 climbed 28.55 points to 4,137.09.
The NASDAQ Composite stayed green 97.38 points to 12,110.11.
Tech stocks rose in the U.S., with Apple gaining more than 1%. Shares of Amazon rose 2% following a 20-for-1 stock split.
Bank stocks also gained ground, with JPMorgan and Citibank adding more than 1% each, as interest rates rose.
Investors will be focused on the consumer price index reading for May, which is slated for Friday morning release. The key inflation gauge is expected to be just slightly cooler than April, which could be interpreted by some as a confirmation that inflation has peaked.
Treasury prices faltered, raising yields to 3.02% from Friday’s 2.95%. Treasury prices and yields move in opposite directions.
Oil prices slipped 43 cents to $118.44 U.S. a barrel.
Gold prices dipped $3.90 to $1,846.30 U.S. an ounce.
