Canada’s main stock index edged higher on Monday, led by gains in shares of communications, while investors awaited the domestic inflation report later in the week for more clues on the Bank of Canada’s interest rate path.
The TSX Composite lost 48.72 points to open Monday at 20,941.50.
The Canadian dollar dipped 0.17 cents to 74.41 cents U.S.
Communications soared, with BCE leading the charge, up 60 cents, or 1.1%, to $55.42, while TELUS Corp. gained 18 cents to $24.48.
Techs faltered, most notably, Bitfarms, sliding 18 cents, or 5.6%, to $3.06, while Dye & Durham sank 41 cents, or 3%, to $13.26.
Materials also were in the minus column, with Filo Mining off $1.36, or 5.7%, to $22.34, while K92 Mining dipped 12 cents, or 1.7%, to $6.81.
Elsewhere, Thomson Reuters raised its offer to buy Sweden’s Pagero by 25% to about $789 million and said it now controls about 54% of the company, seeking to fend off competing bids for the e-invoicing and tax solutions firm. Thomson shares moved into noon hour EST Monday up $2.41, or 1.2%, to $197.34.
On the economic board, Statistics Canada reported manufacturing sales rose 1.2% in November, mainly on higher sales in the chemical, primary metal, and machinery subsectors. Elsewhere, wholesale sales (excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain) grew 0.9% to $82.5 billion in November.
Lastly, the Canadian Real Estate Association reported Monday home sales activity recorded over Canadian MLS® Systems rose 8.7% between November and December 2023, putting it on par with some of last year’s relatively stronger months recorded over the spring and summer.
Oil prices lost 56 cents to $72.12 U.S. a barrel.
Gold prices gained $4.40 to $2,056.00 U.S. an ounce.
ON BAYSTREET
The TSX Venture Exchange rebounded 5.89 points, or 1.1%, to begin Monday at 556.18.
All but three of the 12 subgroups were higher, led by communications, up 0.7%, energy, rumbling 0.6%, and consumer staples, acquiring 0.5%.
The three laggards proved to be information technology and materials, each down 0.4%, while financials were but a shade below breakeven.
ON WALLSTREET
U.S. markets are closed Monday for Martin Luther King Day