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TSX Flat by Noon

Novagold in Focus

Canada's main stock index remained flat on Monday despite weakness in resource stocks as broader market gains took hold with global markets buoyed by easing Middle East tensions.

The TSX Composite eased off 25.65 points to move into Monday afternoon at 21,781.72.

The Canadian dollar edged up 0.09 cents at 72.88 cents U.S.

It was pulled down by miners such as K92 Mining, falling 33 cents, or 4.3%, to $7.34, and Novagold Resources, down 35 cents, or 8.3%, to $3.89, tracking sharp declines in precious metal prices. Elsewhere, shares of uranium miner Energy Fuels fell 86 cents, or 10.7%, to $7.20, after it announced a deal to buy Australia's Base Resources for about $241 million.

On the economic calendar, Statistics Canada’s industrial product price index increased 0.8% month over month in March and fell 0.5% on a yearly basis, while the raw material price index rose 4.7% from February to March and was up 0.8% year over year in March.


The TSX Venture Exchange dropped 3.85 points to 563.17.

All but three of the 12 TSX subgroups were positive, with real-estate and consumer staples each ahead 0.7%, while consumer discretionary stocks prospered 0.5%.

The three laggards proved to be gold, down 3.6%, materials, off 2.7%, and health-care, worse off by 1.4%.


The S&P 500 rose Monday as Wall Street tried to rebound from a pullback last week, with tensions in the Middle East easing. Traders also looked ahead to the release of major tech earnings.

The Dow Jones Industrials jumped 178.96 points to move into noon hour EDT to 38,165.36

The much-broader index moved upward 30.09 points to 4,997.32.

The NASDAQ Composite gained 107.27 points to 15,307.26.

The moves higher come ahead major earnings this week, with the focus on “Magnificent Seven” tech companies. Chipmaker and artificial intelligence favorite Nvidia climbed 2.2%, rebounding from a nearly 14% sell-off last week. Arm Holdings also rebounded more than 5% Monday.

Companies including Tesla, Meta Platforms, American Airlines, Microsoft and Alphabet are all set to report in the week ahead. Tesla reports after the bell Tuesday and Facebook parent Meta is on deck Wednesday, while Intel and Microsoft report Thursday.

U.S. crude prices fell more than 1% after Iran said it will not escalate the conflict with Israel. Investors had been concerned higher oil prices could contribute to inflation, leading the Federal Reserve to hold off on cutting rates.

There is some potentially bigger news in the back part of this this week, with GDP due out on Thursday and a key inflation reading on Friday, when the Commerce Department reports personal consumption expenditures price index data for March. The PCE deflator is the Fed’s preferred inflation gauge.

The Fed meets again April 30-May 1, with officials now in the quiet period ahead of the meeting.

Prices for the 10-year Treasury inched higher, lowering yields to 4.62%. Treasury prices and yields move in opposite directions.

Oil prices picked up 21 cents to $83.35 U.S. a barrel.

Gold prices fell $64.10 to $2,349.00 U.S. an ounce.