TSX Perks on July’s Last Day - InvestingChannel

TSX Perks on July’s Last Day

Equity markets in Canada’s largest market rose at the open on Monday, supported by gains in energy and materials shares on higher commodity prices after recent economic data bolstered hopes for an end to the global policy tightening cycle.

The TSX popped 157.35 points to open a new week at 20,676.72.

The Canadian dollar was up 0.05 cents to 75.89 cents U.S.

Investors braced for a busy week of earnings in Canada, with transportation company TFI International and energy firm Topaz Energy scheduled to report quarterly results later in the day. TFII shares faded 33 cents to $168.37.

Miner Pan American Silver said on Monday it plans to sell its 56% stake in the Minera Agua Rica Alumbrera copper project in Argentina to Swiss commodities giant Glencore for $475 million. Pan American shares ballooned $1.16, or 5.5%, to $22.14.

ON BAYSTREET

The TSX Venture Exchange took on 3.95 points, to 629.05.

All but two of the 12 TSX subgroups gained ground in the first hour, led by materials, ahead 1.4%, energy, better by 1.2% and gold, up 1.1%.

The two laggards were industrials, off 0.4%, and health-care, trailing Friday by 0.04%.

ON WALLSTREET

Stocks were little changed Monday as Wall Street braced for a busy earnings week and looked to finish up July on a positive note.

The Dow Jones Industrials acquired 27.58 points to begin Monday at 35,486.87

The S&P 500 Index gained 5.57 points to 4,587.80.

The NASDAQ index picked up 21.39 points to 14,338.05.

Stocks have rallied this month, with the S&P 500 up 3.2% and on pace for its fifth positive month in a row for the first time since its seven-month streak ending August 2021. The tech-heavy NASDAQ Composite has gained 4.2% month to date, also on track for its fifth straight winning month.

The blue-chip Dow has jumped 3.2% in July. Last week, the index posted a 13-day advance that matched its longest streak of gains going back to 1987.

Along with earnings from names like Amazon, Apple, CVS Health and Starbucks, investors will shift their focus to Friday’s big jobs report.

Economists polled by Dow Jones expect the U.S. economy to have added 200,000 jobs in July. Non-farm payrolls increased 209,000 in June.

Prices for the 10-year Treasury enjoyed slight gains, lowering yields to 3.95% from Friday’s 3.96%. Treasury prices and yields move in opposite directions.

Oil prices gained 71 cents to $81.29 U.S. a barrel.

Gold prices brightened $7.50 to $2,007.40 U.S. an ounce.

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