Equities in Canada’s largest centre made up in large measure Monday for what they lost in the latter part of last week, as energy stocks found their groove again, followed by consumer issues.
The TSX hiked 169.09 points to conclude Monday at 19,587.32.
The Canadian dollar edged up 0.0.7 cents to 76.03 cents U.S.
Energy rumbled ahead to lead gainers, with Vermilion Energy surging 76 cents, or 5%, to $16.12, while Imperial Oil climbed $2.58, or 4.1%, to $65.96.
In consumer staples, Empire Company garnered $1.29, or 3.6%, to $36.80, while Alimentation Couche-Tard jumped $1.36, or 2.1%, to $64.84.
In financial stocks, Canadian Western Bank picked up 64 cents, or 2.7%, at $24.21, while CIBC climbed $1.21, or 2.2%, to $56.46.
The lone holdout was in tech shares, primarily HUT 8 Mining, pasted 37 cents, or 9.6%, to $3.49, while Bitfarms forked over 17 cents ,or 8.5%, to $1.83.
Separately, Statistics Canada said in a flash estimate that Canadian factory sales most likely rose 0.8% in May from April, while wholesale trade most likely rose 3.5% in May from April.
All but one of the 12 TSX subgroups were in positive country, with energy climbing 2.5%, consumer staples up 1.6% and financials better 1.3%.
Only information technology missed out, dipping 0.5%.
ON BAYSTREET
The TSX Venture Exchange recovered 3.25 points to 601.99.
ON WALLSTREET
The NASDAQ Composite slumped on Monday as investors sold shares of technology companies that have outperformed this year and the final trading week of the first half commenced.
The Dow Jones Industrials came off its lows of the afternoon, but still fell behind 11.33 points to close Monday at 33,716.10.
The much-broader S&P 500 declined 19.33 points to 4,329.
The NASDAQ index cratered 156.74 points, or 1.2%, to 13,335.78.
A pullback in technology giants contributed heavily to the NASDAQ’s sharp midday decline. Nvidia, Alphabet and Meta Platforms traded lower, while Tesla lost about 4% as Goldman Sachs downgraded the electric car maker, citing pricing headwinds.
Technology stocks have rebounded this year after a difficult 2022 as investors bet on the promise of artificial intelligence and hope for an end to the Federal Reserve’s hiking campaign. Rotation back into popular growth names has lifted the tech-heavy index more than 28%, putting it on pace for its best first half since 1983.
The final week of June is a light one for economics reports, highlighted by the personal consumption expenditures index for May out Friday. Corporate earnings reports are on deck from Walgreens Boots Alliance on Tuesday and Nike on Thursday.
Traders are monitoring the situation in Russia following a brief rebellion by a private military group over the weekend. Uncertainty about the situation there could keep the markets on edge.
Prices for the 10-year Treasury were higher, lowering yields to 3.71% from Friday’s 3.74%. Treasury prices and yields move in opposite directions
Oil prices lost 12 cents to $69.04 U.S. a barrel.
Gold prices added $7.70 to $1,937.30 U.S. an ounce.