TSX Keeps Momentum Going - InvestingChannel

TSX Keeps Momentum Going

Canada’s main stock index extended gains on Monday, with energy stocks leading the surge in commodity-heavy bourse as oil prices inched nearly 3% higher.

The TSX tacked on 63.18 points to break for lunch Monday at 20,605.21.

The Canadian dollar moved upward 0.17 cents to 74.90 cents U.S.

Canaccord Genuity Group slumped $1.39, or 13.3%, to $9.04, after a group led by its management said that there could be “no assurance” that their proposed $1.13 billion take-private deal for the financial services firm would be completed, citing delay in securing regulatory approvals.

AltaGas Ltd gained 39 cents, or 1.7%, to $23.68, after naming Enbridge Inc’s Vern Yu as the company’s next president and CEO, effective July 1.

Westshore Terminals Investment surged $1.53, or 5.7%, to $28.19, after TD Securities and Scotibank raised their price target on the marine port services company.

ON BAYSTREET

The TSX Venture Exchange took on 3.57 points, to reach noon at 618.97.

Eight of the 12 TSX subgroups were in the green by lunch time, with information technology ahead 1.1%, consumer discretionary stocks up 0.7%, and energy up 0.6%.

The four laggards were co-weighed by real-estate and communications, each down 0.6%, and gold, off 0.4%.

ON WALLSTREET

Stocks fell on Monday as investors anticipate inflation data due out this week, while bank shares advanced.

The Dow Jones Industrials retreated 84.06 points to midday at 33,590.32.

The S&P 500 slipped 2.47 points to 4,133.78.

The NASDAQ Composite lost 10.73 points to 12,224.68.

Shares of PacWest outperformed, surging 28%, after the bank cut its dividend. Big banks Citigroup, Wells Fargo, JPMorgan Chase and Morgan Stanley also rose.

Elsewhere, shares of Disney rose more than 2.3% in early trading. The company is set to report quarterly results on Wednesday.

Investors are debating if the banking crisis has finally abated, according to some experts.

Meanwhile, Berkshire Hathaway Class A shares rose more than 1% after Warren Buffett’s conglomerate reported its first-quarter results. The conglomerate showed operating earnings increase 12% in the first quarter, while its cash hoard topped $130 billion. Buffet personally discussed topics including the latest banking crisis that rocked Wall Street, at Berkshire Hathaway’s annual meeting in Omaha, Nebraska.

Investor attention will turn to April’s consumer price index due out Wednesday, followed by the producer price index on Thursday. Stocks are coming off a volatile week that saw the Dow Jones Industrial Average and S&P 500 notch their worst weekly stretches since March. The losses came despite a late-week rally that saw volatile regional bank stocks jump off their lows.

Prices for the 10-year Treasury sagged, raising yields to 3.49% from Friday’s 3.44%. Treasury prices and yields move in opposite directions.

Oil prices leaped $1.66 to $73.00 U.S. a barrel.

Gold prices picked up $12.00 to $2,036.80 U.S. an ounce.

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