Stocks in Toronto were virtually flat on Monday, with gains in technology shares making up for losses in miners while ?renewed tensions between the U.S. and Iran lifted oil prices and pressured global equities.
The TSX Composite Index skidded 47.37 points to reach noon EDT Monday at 33,843.81.
The Canadian dollar sank 0.10 cents at 73.49 cents U.S.
The technology index rose, with BlackBerry soaring 68 cents, or 9.3% to a more-than-one-year-high of $8.04.
Heavyweight mining stocks slipped after gold prices fell as rising geopolitical tensions boosted the dollar and stoked concerns about inflation that kept expectations of higher interest rates alive.
Eldorado Gold sank $1.37, or 3.4%, to $39.16, Aya Gold and Silver weakening 73 cents, or 2.9%, to $24.33, and Lundin Mining was off $1.05, or 3%, to $33.65.
On the earnings front, ?Fairfax Financial Holdings rose $86.45, or 4% to $2,256.73, after the insurance group's first-quarter revenue grew 12.8% to $7.06 billion from a year ago and beat analyst expectations of $7 billion.
Iran warned U.S. forces on Monday not to enter the Strait of Hormuz after President Donald Trump said the United States would "guide out" ships stranded in the Gulf by the U.S.-Israeli war on Iran.
ON BAYSTREET
The TSX Venture Exchange regained 2.63 points to 997.07.
Seven of the 12 TSX subgroups were pointed downward as Monday’s morning approached afternoon, with consumer discretionary and consumer staples each down 0.9%, while materials retreated 0.7%.
The five gainers were co-led by information technology and health-care, each ahead 1.1%, and energy, forging ahead 0.5%.
ON WALLSTREET
Stocks fell on Monday as the latest developments in the Middle East sent oil prices higher, sparking further worries about instability in the region.
The Dow Jones Industrials index flailed 423.53 points to move into lunch hour at 49,0755.74.
The S&P 500 slid 28.83 points to 7,201.29.
The tech-driven NASDAQ weakened 84.44 points to 25,030.99.
On Monday, the United Arab Emirates said it that had intercepted a number of missiles fired from Iran. That’s the first time the UAE’s missile alert system was activated since the U.S.-Iran ceasefire began last month.
Oil prices increased following the action. U.S. West Texas Intermediate crude futures rose 3% to trade above $105 per barrel, while international benchmark Brent crude futures were up 5% to above $114.
Energy prices were already climbing earlier in the day after conflicting reports of an Iranian attack on a U.S. warship and as Iranian media was reporting that a ship was turned back from the Strait of Hormuz.
Iran’s Navy said it blocked “American-Zionist” warships from entering the zone, according to state TV reports cited by Reuters. A separate dispatch from the Fars News Agency said two missiles hit a U.S. warship near Jask island after it ignored warnings, though neither report was independently confirmed.
U.S. Central Command later wrote in a post on X that “no U.S. Navy ships have been struck.”
Oil prices increased Monday. U.S. West Texas Intermediate crude futures rose marginally to trade above $102 per barrel, while international benchmark Brent crude futures were up 2% to above $110. Energy price
Norwegian Cruise Line dropped $1.57, or 8.4% to $17.24, after reporting first-quarter earnings of 23 cents per share and $2.33 billion in revenue, against consensus estimates for 14 cents and $2.36 billion. Guidance for the current quarter and full-year was far below expectations, as Norwegian grapples with higher fuel prices due to the U.S.-Iran war.
Prices for the 10-year Treasury lost ground, raising yields to 4.44% from Friday’s 4.39%. Treasury prices and yields move in opposite directions.
Oil prices surged $3.41 to $105.35 U.S. a barrel.
Gold prices sank $95.40 to $4,549.10 U.S. an ounce.
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