Canada’s main stock index opened higher on Monday, helped by technology and financial shares, while investors awaited this week’s key economic data to gauge the U.S. Federal Reserve’s monetary policy path.
The TSX leaped 104.1 points to open Monday and the week at 24,86350, after a previous five-day period in which the index gained 2.1%.
The Canadian dollar lost 0.2 cents to 71.70 cents U.S.
Quarterly earnings from e-commerce services giant Shopify will grab investor interest on Tuesday, while data from manufacturing sales is expected on Friday. Shopify shares galloped $5.39, or 4.5%, to $126.64,
In corporate news, Constellation Software slightly missed third-quarter revenue estimates on Friday. Constellation shares gathered $22.96 to 4.379.96.
Meanwhile, the Montreal Longshoremen’s Union rejected the final offer made for a new labour contract, leading to a lockout being declared.
Otherwise, the economic slate is bare, as Canadians remember veterans of wars around the globe.
ON BAYSTREET
The TSX Venture Exchange dived 7.49 points, or 1.2%, to 601.75.
All but three of the 12 subgroups were higher to begin the week, with information technology clicking higher 1.8%, industrials up 1%, and financials richer 0.9%.
The three laggards were gold, duller by 4.2%, materials, sliding 2.8%, and energy, off 0.03%.
ON WALLSTREET
The Dow Jones Industrial Average surged more than 400 points on Monday and was on pace for a record close as Wall Street’s postelection rally presses forward.
The Dow Jones Industrials zoomed 409.01 points to 44,404.98.
The S&P 500 index gained 10.29 points to 6,005.85.
The NASDAQ slid 22.27 to 19,264.15.
JPMorgan Chase, Bank of America and Citigroup shares were up more than 2% each and led the Dow higher. Goldman Sachs and Morgan Stanley advanced nearly 3%. The cohort has posted sharp gains since Donald Trump’s election win last week, as investors hope that his return to the White House could see weaker regulation for the banking sector.
There is no economic data of note expected Monday, but investors will be awaiting inflation readings due out later in the week.
Bond markets were closed Monday for Veterans Day
Oil prices stumbled $1.65 to $68.73 U.S. a barrel.
Prices for gold thundered lower $62.30 an ounce to $2,632.50 U.S.