Equities in Canada’s largest market marched ahead Monday, after several rough sessions last week. The agents of Monday’s drive were consumer and health stocks.
The TSX prospered 90.11 points to finish Monday at 20,702.23.
The Canadian dollar crept up 0.12 cents to 74.98 cents U.S.
In consumer discretionary stocks, Magna International led the parade, picking up $2.39, or 3.3%, to $74.55, while Canadian Tire soared $3.82, or 2.4%, to $164.01.
In health-care issues, Chartwell Retirement Residence units acquired 20 cents, or 2.1%, to $9.64, while Sienna Senior Living jumped 23 cents, or 1.9%, to $12.45.
Among consumer staples, North West Company leaped 57 cents, or 1.6%, to $36.22, while George Weston muscled $2.45, or 1.5%, to $169.42.
Materials, however, weighed the index down, as Nutrien fell $2.02, or 1.9%, to $104.84, while Lithium Americas dropped 58 cents, or 1.8%, to $32.15.
In gold stocks, B2Gold withered 24 cents, or 5%, to $4.59, Equinox Gold fell 10 cents, or 1.9%, to $5.14.
Energy stocks dragged, too, as Nuvista Energy slipped 21 cents, or 1.8%, to $11.48, while Baytex Energy backpedaled nine cents, or 1.5%, to $6.08.
ON BAYSTREET
The TSX Venture Exchange gained 2.99 points to 616.41.
All but three of the 12 subgroups finished the day in positive country, led by consumer discretionary stocks, up 1.7%, health-care ahead 1%, and consumer staples, ahead 0.8%.
The three laggards were materials, down 0.5%, gold, off 0.4%, and energy, sliding 0.03%.
ON WALLSTREET
Stocks rose Monday as traders looked ahead to Tuesday’s key inflation report, regaining their footing after the S&P 500 and NASDAQ
Composite suffered their worst weekly declines in nearly two months.
The Dow Jones Industrials hiked 377.05 points, or 1.1%, to close Monday at 34,246.32.
The S&P 500 improved 46.94 points, or 1.2%, to 4,137.40.
The NASDAQ Composite spiked 173.67 points, or 1.5%, to 11,891.79.
Microsoft led the Dow’s gains, rising 3%. Nike’s hike of 2.5%, Salesforce’s gain of 2.3%, and Intel’s improvement of 2.6%. The technology sector was the best performer on the Dow, up 1.9%.
So far, investors seem to be betting on a solid CPI print on Tuesday that shows inflation is cooling and that a pause or pivot in Fed rate hikes may be near.
On Tuesday, January’s consumer price index report will be released, showing if price increases have continued to slow amid the central bank’s rate hikes.
The final leg of earnings season also continues this week, with Coca-Cola, Marriott, Cisco, Marathon and Paramount. So far, companies have reported worse-than expected results, making this year the worst earnings season in more than two decades, excluding recessions, according to Credit Suisse.
Prices for the 10-year Treasury gained slightly, lowering yields to 3.71% from Friday’s 3.75%. Treasury prices and yields move in opposite directions.
Oil prices lost 37 cents to $79.35 U.S. a barrel.
Gold prices plummeted $10.50 to $1,864.00 U.S. an ounce.