Stocks in Toronto rumbled to yet another all-time high Monday, powered largely by energy stocks.
The TSX Composite Index jumped 62.89 points to 23,348.97.
The Canadian dollar prospered 13 cents to 74.14 cents U.S.
The Canada Industrial Relations Board ordered an end to work stoppages at the country’s largest railways that posed a threat to Canada’s export-driven economy. Shares in Canadian National gained 54 cents to $159.25, while those for rival Canadian Pacific regained 57 cents to $111.41.
Among important earnings, major lenders like Bank of Nova Scotia, Royal Bank of Canada, and the National Bank of Canada are expected to report their quarterly results this week.
Scotiabank shares grabbed 15 cents to $65.60. Those in RBC ditched five cents to $156.04, while National shares took on 67 cents to $120.63.
Among corporate news, Givex shares jumped 49 cents, or 50.5%, to $1.46 after Shift4 Payments agreed to acquire the Canadian technology firm in a deal valued at $200 million.
Elsewhere, among energy stocks, CES Energy Solutions gained 34 cents, or 4.4%, to $8.13, while Canadian Natural Resources tacked on $1.21, or 2.5%, to $50.45.
In consumer discretionary issues, Spin Master shares took on $1.08, or 3.3%, to $33.37, while Aritzia shares gathered $1.08, or 2.4%, to $46.66.
In real-estate stocks, CT REIT units took on 19 cents, or 1.3%, to $15.26, while H&R REIT progressed 27 cents, or 2.7%, to $10.20.
Tech stocks served as an anchor, however, with Celestica dropped $3.00, or 4.8%, to $68.83, while Tecsys weighed $1.71, or 3.8%, to $42.79.
In health-care, Tilray dropped eight cents, or 3.1%, to $2.52, while Chartwell Retirement Residences units fell three cents to $14.83.
Gold fell as well, with Iamgold dropping seven cents, or 1%, to $6.96, while Kinross slumped 16 cents, or 1.3%, to $12.21.
ON BAYSTREET
The TSX Venture Exchange forged ahead 1.23 points to 579.26.
All but three of the 12 TSX subgroups were in plus territory, with energy ahead 1.6%, while consumer discretionary stocks up 0.7%, and real-estate advanced 0.4%.
The three laggards were information technology, up 0.5%, health-care, declining 0.4%, and gold, duller by 0.3%>
ON WALLSTREET
The Dow Jones Industrial Average closed at a record high on Monday, as investors tried to put behind a steep sell-off from earlier this month.
The 30-stock index progressed 65.44 points to end Monday at 41,208.83, down from its dizzy heights of the morning.
The S&P 500 index slipped 17.77 points to 5,616.84.
The NASDAQ retreated 152.03 points to 17,725.76.
Traders also appeared to be rotating out of tech and into other areas of the market. The S&P 500 energy sector was up more than 1%, while tech fell 1.5%.
Nvidia was down 2% ahead of its earnings report due Wednesday afternoon, an event traders are harping on as key to the market and the AI enthusiasm that’s driven this bull market. Other chip stocks like Broadcom and Micron were also lower.
The market kicked off August under pressure, as concerns over a possible recession, and the unwind of a popular hedge fund trade linked to the Japanese yen, pulled stocks off their record levels. The S&P 500 lost 3% on Aug. 5 — its biggest one-day loss since 2022. The Dow also had its worst selloff in about two years that day, plunging more than 1,000 points.
Since then, though, expectations of lower Federal Reserve interest rates and improving U.S. economic data have sent stocks soaring. The S&P 500 has surged 8% since Aug. 5 and was less than 1% away from its record high, set in mid-July, while the Dow has soared about 7%
The July personal consumption expenditures reading is due for release on Friday.
Prices for the 10-year Treasury decreased, raising yields to 3.82% from Friday’s 3.80%. Treasury prices and yields move in opposite directions.
Oil prices picked up $2.29 at $77.12 U.S. a barrel.
Gold prices vaulted $8.30 to $2,554.60.