A rally in oil stocks helped Canada's main stock index shake-off initial sluggishness to rise on Monday, while investors braced for a slew of earnings updates as well as another big interest rate hike from the U.S. Federal Reserve this week.
The TSX climbed 76.26 points to close in on noon EDT Monday at 19,059.18.
The Canadian dollar advanced 0.42 cents to 77.84 cents U.S.
Rogers Communications ditched seven cents to $60.32. The company on Sunday announced plans to invest $10 billion in artificial intelligence, and more testing and oversight, just weeks after the company reported network issues that caused widespread disruptions across the country.
Energy stocks ruled the roost Monday as Vermilion Energy acquired $1.50, or 5.3%, to $29.75, while Tamarack Valley picked up 21 cents, or 5.3%, to $4.20.
Utilities also registered higher, as Hydro One gained 40 cents, or 1.2%, to $35.26, while Altagas took on 33 cents, or 1.2%, to $27.84.
Gold stocks, however, put a hold on growth as Torex Gold faltered 33 cents, or 3.6%, to $8.74, while Seabridge Gold dropped 61 cents, or 3.8%, to $15.44.
In techs, Sierra Wireless plummeted $3.68, or 11.8%, to $27.41, while HUT 8 Mining dropped 16 cents, or 6%, to $2.50.
ON BAYSTREET
The TSX Venture Exchange dipped 2.7 points to 607.07.
The 12 TSX subgroups were evenly divided, with energy surging 3.3%, while utilities added 0.4%, and financials increased 0.3%.
The half-dozen laggards were weighed most by gold, down 3.6%, information technology, off 1%, and health-care, fading 0.9%.
ON WALLSTREET
U.S. equities wavered on Monday, coming off a positive week for the major averages as traders braced for the busiest week of corporate earnings, as well as insights into further interest rate hikes from the Federal Reserve.
The Dow Jones Industrials acquired 95.71 points to reach noon hour Monday at 31,995.
The S&P 500 made its way higher 8.09 points to 3,969.72.
The NASDAQ dipped 36.26 points, to 11,797.85.
All three of the indexes are on track for their best month of the year.
Monday starts the final week of trading for the month of July — and perhaps the most important week of the summer — with the Fed meeting, GDP data and earnings from almost a third of the S&P 500 on deck.
Investors are still worried about the potential of an economic recession and are hoping this week’s news storm will help direct their expectations.
Shares of Newmont Corporation slid 10% after the mining company reported a quarterly loss that was down nearly 41% from a year ago, hurt by a drop in gold prices.
Philips tumbled 6% after the Dutch medical equipment maker reported weaker-than-expected quarterly earnings, citing lockdowns in China and supply chain issues.
Treasury prices fell, raising yields to 2.82%, from Friday’s 2.76%. Treasury prices and yields move in opposite directions.
Oil prices hiked $1.49 to $96.19 U.S. a barrel.
Gold prices dropped $10.70 to $1,716.70 U.S. an ounce.
