TSX Has Stage all to Itself

Communications Stocks in Focus



Stocks in Canada’s largest centre gained ground on Monday after last week's rout, aided by gains in cyclical and financial shares, although trading volumes stayed low during a U.S. holiday.

The S&P/TSX recovered 112.73 points to begin a new week at 19,043.21, after a week in which the index collapsed or 6.6%.

The Canadian dollar slid 0.10 cents to 76.90cents U.S.

Quebecor Inc has agreed with Rogers Communications and Shaw Communications to buy Freedom Mobile for an enterprise value of $2.85 billion. Meantime, National Bank has raised the rating on Quebecor to outperform from sector perform.

Shares in Quebecor climbed $2.23, or 8.1%, to $29.89.

Rogers saw its shares rocket $3.22, or 5.5%, to $62.23. Shaw shares popped $2.62, or 7.6%, to $37.26.

Oil prices forfeited 35 cents to $109.21 U.S. a barrel.

Gold prices dipped 70 cents to $1,839.30 U.S. an ounce.

Analysts are saying the risk of inflation becoming entrenched in Canada's economy is growing, as surging prices for gas and other highly visible consumer items undercut efforts by the Bank of Canada to keep expectations for price increases in check.

ON BAYSTREET

The TSX Venture Exchange dropped 0.15 to 640.23. Last week’s loss was 9.1%.

All but one of the 12 TSX subgroups moved higher, to begin the session, with communications chugging higher 3.3%, consumer discretionary stocks added 1.1%, and real-estate issues jumped 1%.

Only gold lost, and only 0.5% at that.

ON WALLSTREET

U.S. markets are closed for the “Juneteeth” holiday.