Equities in Canada’s largest market rose on Monday, boosted by gold miners after prices of the yellow metal hit a record peak on worsening ties between China and the United States.
The S&P/TSX Composite Index recovered 90.21 points to begin the week at 16,087.27.
The Canadian dollar recaptured 0.16 cents at 74.68 cents U.S.
The largest percentage gainers on the TSX were Endeavour
Mining, which jumped three dollars, or 8.8%, to $36.98, and First Majestic
Silver, which rose $1.15, or 6.5%, to $18.97.
Laurentian Bank fell 62 cents, or 2.3 %, to $26.61, and the second-biggest decliner was CompX International, down 12 cents to $18.09/
National Bank of Canada raised the rating on Alaris Royalty to outperform from sector perform. Alaris rocketed 23 cents, or 2%, to $11.93.
RBC raised the target price on Canfor Corp. to $22.00 from $18.00. Canfor jumped 87 cents, or 5.5%, to $16.61.
National Bank of Canada resumes consideration on Premium Brands Holdings with an outperform rating. Premium shares acquired 12 cents to $92.05.
ON BAYSTREET
The TSX Venture Exchange popped 18.98 points, or 2.8%, to 710.37.
Seven of the 12 TSX subgroups were picked up new ground in the first hour, with gold soaring 5.2%, materials up 3.9%, and health-care haler by 2%.
The five laggards were weighed most by financials, down 0.8%, energy, settling 0.4%, and consumer discretionary stocks, off 0.2%.
ON WALLSTREET
U.S. stocks rose on Monday with the major tech names outperforming as investors braced for a big week of corporate earnings and lawmakers continued coronavirus stimulus negotiations.
The Dow Jones Industrials regained 111.34 points to 26,581.23.
The S&P 500 acquired $16.99 points to 3,232.62.
The NASDAQ vaulted 110.97 points, or 1.1%, to 10,474.15.
Apple climbed 2%. Other tech-related stocks, including Facebook, Amazon, Netflix and Alphabet, also traded higher. Facebook, Netflix and Alphabet were all up more than 1%. Amazon advanced 2.4%.
Earlier in the day, an underwhelming print on core durable goods orders dampened market sentiment. Non-defense orders excluding aircraft rose 3.3% on a month-over-month basis in June, falling short of the 3.6% gain expected by economists.
This week will be one of the busiest of the corporate earnings season. McDonald’s, Pfizer, Alphabet, Apple and AMD are among the companies slated to release their latest quarterly figures this week.
Through Friday’s close, 128 S&P 500 companies had reported earnings, with 81% beating analyst expectations.
However, overall S&P 500 earnings have fallen more than 40% from the year-earlier period as the coronavirus pandemic takes a big bite out of corporate profits.
Prices for the 10-Year Treasury sank, raising yields to 0.59% from Friday’s 0.58%. Treasury prices and yields move in opposite directions.
Oil prices dipped 58 cents to $40.71 U.S. a barrel.
Gold prices leaped $34.70 to $1,932.70 U.S. an ounce.
