Equities in Canada’s biggest centre rose to another record high on Monday as rising crude prices lifted energy shares, even as the war in Ukraine has soured sentiment in global markets.
The S&P/TSX Composite Index gained 125.19 points, to open Monday and the week at 21,943.66.
The Canadian dollar added 0.09 cents to 79.42 cents U.S.
A labour dispute that shut down operations at Canadian Pacific Railway on Sunday is set to aggravate a shortage of commodities sparked by Russia’s invasion of Ukraine, and a prolonged lockdown could hurt farmers ahead of the spring
planting season.
CP shares reversed 53 cents to $99.92.
Payfare gained 20 cents, or 3.7%, to $5.60 after Lyft Inc partnered with the fintech company to launch a cashback rewards program on all fuel purchases for U.S. Lyft drivers using a Lyft Direct debit card.
Barrick Gold has ended a long-running dispute with Pakistan and will now start to develop one of the world’s biggest gold and copper mining projects under an agreement signed on Sunday.
Barrick shares zoomed 82 cents, or 2.7%, to $30.82.
Desjardins raised the target price on Alimentation Couche-Tard to $60.00 from $59.00. Couche-Tard shares did not budge from Friday’s close of $49.67.
CIBC raised the target price on Badger Infrastructure Solutions to $30.00 from $29.00. Badger Infrastructure shares doffed $2.03, or 6.8%, to $27.94.
RBC raised the target price on Melcor Developments to $19.00 from $18.00. Melcor shares took on a dime to $16.50.
ON BAYSTREET
The TSX Venture Exchange added 6.42 points to 860.36.
Seven of the 12 TSX subgroups were positive by the closing bell, with health-care haler 2.3%, information technology clicking 1.8%, and industrials climbing 1.3%.
The five laggards were weighed most by gold, sagging 1%, communications, going south 0.6%, and consumer staples down 0.4%.
ON WALLSTREET
U.S. stock slipped Monday as the three major averages come off their best week in more than a year.
The Dow Jones Industrials saw its five-session win streak in danger, dropping 173.96 points at 34,580.97
The S&P 500 dipped 10.76 points to 4,452.36,
The NASDAQ Composite slipped 133.28 points to 13,760.56.
Boeing dropped about 5% after a China Eastern Airlines Boeing 737 passenger plane crashed, weighing on the Dow.
On the upside, energy stocks rallied Monday as oil prices rose. Occidental Petroleum picked up 5%, and Marathon Oil gained 4%, to become the top gainers in the sector.
Nike and Tencent Music report quarterly results after the market closes Monday.
Market participants are also monitoring the war between Russia and Ukraine. Ukraine’s President Volodymyr Zelenskyy warned if peace talks with Russian leader Vladimir Putin fail, it would mean the start of a “third world war.”
Ukrainian and Russian officials have met intermittently for peace talks, which have failed to progress to key concessions. Ukraine has also rejected an ultimatum to surrender the city of Mariupol to Russian troops.
Treasury prices plummeted, raising yields to 2.24% from Friday’s 2.15%. Treasury prices and yields move in opposite directions.
Oil prices gained $5.99 to $110.69 U.S. a barrel.
Gold prices improved $5.60 to $1,934.90 U.S. an ounce.