TSX Jumps to Begin Week

Fairfax, Magna in Focus

Canada's main stock index rose on Monday after last week's rout aided by gains in cyclical and financial shares, although trading volumes stayed low with U.S. markets closed for a holiday.

The S&P/TSX leaped 140.2 points to reach noon EDT at 19,070.68.

The Canadian dollar moved upward 0.12 cents to 76.92 cents U.S.

In company news, shares of Fairfax Financial Holdings gained $11.40, or 1.8%, to $645.00, after it said it will sell its global pet insurance operations to JAB Holding, the private investment company of Germany's Reimann family, in a $1.4-billion U.S. deal.

Elsewhere, consumer stocks rose, mostly on the back of Magna International, up $1.93 or 2.7%, to $73.44, while Gildan Activewear captured 82 cents, or 2.3%, to $36.69.

In real-estate, units of Dream Industrial REIT grew 41 cents, or 3.4%, to $12.33, while CAP REIT took on $1.06, or 2.5%, to $44.31.

In energy stocks, Suncor Energy hiked $!.27. or 1.8%, to $45.97, while Enerplus shares traveled 46 cents, or 2.5%, higher to $18.81.

Gold didn’t hold up its end of the boat, with B2Gold lost a dime, or 2.1%, to $4.68, while OceanaGold slid 11 cents, or 3.9%, to $2.71.

In utilities, Canadian Utilities docked 35 cents to $36.78, while Boralex ditched 30 cents to $48.51.

Oil prices regained 51 cents to $110.07 U.S. a barrel.

Gold prices dipped 70 cents to $1,839.90 U.S. an ounce.

Analysts are saying the risk of inflation becoming entrenched in Canada's economy is growing, as surging prices for gas and other highly visible consumer items undercut efforts by the Bank of Canada to keep expectations for price increases in check.


The TSX Venture Exchange dropped 0.77 to 639.61

All but two of the 12 TSX subgroups moved higher with consumer discretionary and real-estate each facing higher 1.6%, while energy gained 1.2%.

Gold lost 0.4%, while utilities was 0.1% to the bad.


U.S. markets are closed for the “Juneteenth” holiday.