Equities in Canada’s largest centre continued their march out of the abyss into which they fell last week following the collapse of several regional Americn banks.
The TSX raced higher 123.25 points to close Monday at 19,624.74.
The Canadian dollar popped 0.42 cents to 73.24 cents U.S.
Energy stocks were the biggest winners, with Athabasca Oil taking on 22 cents, or 7.5%, to $3.15, while MEG Energy took on 80 cents, or 4.1%, to $20.35.
Consumer staples flourished as well, as Maple Leaf Foods increased 74 cents, or 3.1%, to $24.94, while North West Company was up 86 cents, or 2.4%, to $37.10.
Among real-estate plays, Northwest Health-Care Properties REIT grabbed 23 cents a unit, or 2.8%, to $8.60, while Granite REIT units climbed $1.65, or 2.1%, to $81.48.
In gold stocks, OceanaGold handed back five centre, or 1.5%, to $3.26, while Barrick Gold reached 25 cents higher, or 1%, to $25.18.
In communications, Quebecor backpedaled 46 cents, or 1.4%, to $31.59, while TELUS Inc. dipped 14 cents to $27.16.
In materials, MAG Silver retreated 55 cents, or 3.2%, to $16.48, while Franco-Nevada Corporation plunged $!.95, or 1%, to $196.38.
ON BAYSTREET
The TSX Venture Exchange gave back 1.56 points to end Monday at 610.32.
All but three of the 12 TSX subgroups were higher, with energy leading the pack, up 2.2%, consumer staples ahead 1.3%, and real estate climbing 1.1%.
The three laggards were gold, sliding 0.9%, communications, off 0.4%, and materials, dropping 0.2%,
ON WALLSTREET
The Dow Jones Industrial Average rose Monday, building on last week’s gains, as investors attempted to move on from the crisis that broke out in the regional bank sector earlier this month following the collapse of Silicon Valley Bank.
The 30-stock index zoomed 195.08 points to 32,432.61.
The S&P 500 gained 6.76 points to 3,977.75.
The NASDAQ Composite, on the other hand, retreated 55.12 points to 11,768.84.
Regional banks rose broadly. First Republic was the best-performing stock in the fund, surging more than 11%. PacWest also gained 2.7%.
A series of events helped sentiment in the sector. Various media outlets reported over the weekend that the deposit outflows from small banks to industry giants like JPMorgan Chase and Wells Fargo has slowed in recent days.
Also Bloomberg News reported that U.S. authorities were considering expanding an emergency lending program for banks, which could give
First Republic more time to shore up its liquidity. First Republic ended last week down 46.3% as investors contemplated if the plan from a group of banks to deposit $30 billion would be enough to bolster its balance sheet.
And First Citizens BancShares agreed to buy large parts of Silicon Valley Bank, the U.S. Federal Deposit Insurance Corporation said overnight. The deal includes the purchase of approximately $72 billion of SVB assets at a discount of $16.5 billion, but around $90 billion in securities and other assets will remain “in receivership for disposition by the FDIC,” which is the acronym for the Federal Deposit Insurance Corporation.
Prices for the 10-year Treasury lost ground, picking up yields to 3.54% from Friday’s 3.37%. Treasury prices and yields move in opposite directions.
Oil prices regained $3.74 to $73.00 U.S. a barrel.
Gold prices dulled $25.70 to $1,958.30 U.S. an ounce.
