Stocks in Canada’s largest market didn’t quite produce the buzz of last week, but still managed to achieve enough green to keep investors happy.
The TSX Composite Index came off its highs of the day, but still gained 61.78 points, to close Monday at 23,116.30.
The Canadian dollar advanced 0.24 cents to 73.34 cents U.S.
Meanwhile, the country’s freight rail network could come to a halt this week as Canadian National Railway and Canadian Pacific Kansas City plan to lock out workers from the early hours of Thursday. CN shares picked up 53 cents, or $155.04, while shares in CP took on 44 cents to $108.60.
This comes after the parties failed to reach a labour deal despite negotiations.
In corporate news, Alimentation Couche-Tard’s shares fell $1.80, or 2.2%, to $81.77, after the Canadian convenience store operator announced a potential takeover bid for Japan’s Seven & i.
Elsewhere in consumer staples, George Weston shed $1.95 to $214.94.
Resource stocks led the parade, with Fortuna Silver Mines taking 24 cents, or 3.8%, to $6.52, while Ivanhoe Mines galloped 64 cents, or 3.7%, to $17.88.
Seabridge Gold piled on $1.37, or 5.8%, to $25.02, while Torex Gold tacked on $1.25, or 5.3%, to $24.89.
Real-estate also strengthened, with units of Allied Property REIT advancing 27 cents, or 1.6%, to $17.16, while Colliers International charged ahead $2.55, or 1.4%, to $191.46.
Energy got knocked around, especially whitecap Resources, down 16 cents, or 1.5%, to $10.27, while MEG Energy docked 37 cents, or 1.3%., to $27.57.
In health-care, Tilray surrendered four cents, or 1.5%, to $2.63, while Bausch Health Companies lost three cents to $7.83.
ON BAYSTREET
The TSX Venture Exchange gained 6.62 points, or 1.2%, to 573.03
Eight of the 12 TSX subgroups were in the green by the close, with materials and gold each sprouting 1.4%, and real-estate hiking 0.5%.
The four laggards were weighed most by consumer staples, down 1%, while energy lost 0.5%, and health-care was off 0.1%.
ON WALLSTREET
Stocks advanced on Monday, building on the market’s comeback as investors readied for the closely watched Federal Reserve symposium later this week.
The Dow Jones Industrial index warmed up 236.77 points to end the session Monday at 40,896.53
The S&P 500 index popped 54 points, or 1%, to 5,608.25.
The NASDAQ sprang back up 245.05 points, or 1.4%, to 17,876.77.
Stocks are coming off a winning week, the latest turn amid a volatile stretch for equities. Notably, the broad S&P 500 rallied nearly 4% for its best week since 2023, while the NASDAQ jumped more than 5% as tech stocks led the rebound.
August had a turbulent start after disappointing data fueled recession fears and bolstered concerns that the Federal Reserve was behind the curve on lowering interest rates. Those worries sparked a global selloff, pushing the S&P 500 on Aug. 5 to record its worst day since 2022.
But fresh data last week seemed to subdue an anxious market and boost hopes that the economy can attain a soft-landing scenario.
Investors saw good stats on retail sales and initial jobless claims, in addition to strong earnings from Walmart. On top of that, the annualized inflation rate measured in July’s consumer price index touched its lowest level in more than three years.
Now, investors are hoping for insights into the path of interest rates amid mounting hopes for a forthcoming cut. Federal Reserve Chair Jerome Powell will speak Friday at the central bank’s symposium in Jackson Hole, Wyoming. Before then, traders will parse minutes from the Fed’s most recent meeting due on Wednesday.
Prices for the 10-year Treasury were static, keeping yields at Friday’s 3.88%.
Oil prices slipped $2.13 at $74.82 U.S. a barrel.
Gold prices tacked on $4.70 to $2,542.50.