TSX Holds Onto Gains

Resource Stocks in Forefront

Stocks in Toronto were less emphatic about it as the end of the day drew near, but managed to finish with gains Monday.

The S&P/TSX Composite Index gained 34.93 points, to finish Monday at 16,515.46

The Canadian dollar was off 0.23 cents at 74.79 cents U.S.

This trading week will be a short one, as markets will be closed Friday for Good Friday

In materials, Agnico Eagle Mines strengthened $1.07, or 1.9%, to $57.38, while Frontier Lithium eked ahead half a cent, or 1.5%, to 34 cents.

Communications also caught on, as BCE gained 14 cents to $60.65, while Shaw Communications took on 28 cents, or 1%, to $27.59

Lundin Mining jumped 56 cents, or 8.2%, to $7.39, after it said it would buy gold-copper mine of Yamana Gold Inc in Brazil for more than $1 billion as it looks to beef up its base metals portfolio. Yamana Gold fell 12 cents, or 3.5%, to $3.30.

Kinross Gold advanced five cents, or 1.1%., to $4.67.

Health-care issues got roughed up, as Aphria Inc fell $1.90, or 14.2%, to $11.51, after reporting quarterly revenue that missed expectations.

Canopy Growth collapsed $1.89, or 3.4%, to $54.42.

In the energy field, Suncor Energy lost 11 cents to $44.11, while Canadian Natural Resources gave up 21 cents to $39.55.

In real-estate, units of Allied Properties REIT backtracked 12 cents to $48.26, while units of Canadian Apartment Properties REIT tumbled 80 cents, or 1.6%, to $49.80.

On the economic calendar, the Canadian Real Estate Association reported home sales via Canadian MLS Systems edged up 0.9% in March following a sharp drop in February, leaving activity near some of the lowest levels recorded in the last six years.


The TSX Venture Exchange docked 6.82 points to 618.82

Eight of the 12 Toronto subgroups gained ground on the day, as materials enhanced 0.8%, while communications and gold each increased 0.6%.

The four laggards were weighed most by health-care, getting clobbered 3.7%, while energy lost 0.5%, and real-estate fell 0.3%.


Stocks closed slightly lower on Monday as investors digested mixed quarterly numbers from big banks like Goldman Sachs and Citigroup.

The Dow Jones Industrial Average shied away from the breakeven line by 27.53 points to 26,384.77

The S&P 500 shed 1.83 points to 2,905.58.

The NASDAQ Composite slid 8.15 points to 7,976.01

Goldman Sachs reported better-than-expected earnings as the bank kept compensation in check, but its revenue came in below analyst expectations as sales from its institutional clients division dropped by 18%. Shares of Goldman dropped 3.8%, posting its biggest one-day decline since Dec. 21.

Meanwhile, Citigroup earnings topped expectations as the company repurchased more than $4 billion in stock. However, a 20% fall in its equity trading division contributed to a 2% fall in overall revenue, which disappointed analysts. Citigroup shares dipped 0.1%.

Goldman Sachs and Citigroup released their earnings after J.P. Morgan Chase and Wells Fargo posted their results on Friday. J.P. Morgan Chase’s numbers lifted the broad market on Friday, with the Dow gaining more than 260 points. Wells, meanwhile, fell on a profit warning from its chief financial officer.

Despite the varied results from the big banks, the overall earnings season is off to a solid start. Of the companies that have reported, 85% have topped analyst earnings expectations

Other companies that reported quarterly earnings on Monday include Charles Schwab and M&T Bank.

Wall Street also pored through the latest news on the trade front. Treasury Secretary Steven Mnuchin said Sunday the U.S. is willing to take a penalty if it does not comply with a China trade deal once the two countries reach one. However, Mnuchin said Monday the two sides had a lot of work left ahead of them.

Prices for the benchmark 10-year U.S. Treasury were slightly higher, lowering yields to 2.55% from Friday’s 2.56%. Treasury prices and yields move in opposite directions

Oil prices sank 38 cents to $63.51 U.S. a barrel.

Gold prices plunged $4.40 to $1,290.80 U.S. an ounce.