Equities in Canada’s largest centre ended Monday positive, though down from intraday peaks, as markets reacted to the near-miss experienced over the weekend by former U.S. President Donald Trump.
The TSX Composite Index surged 78.16 points to conclude Monday at 22,751.68.
The Canadian dollar leaned back 0.02 cents to 73.11 cents U.S.
In corporate news, iron ore mine operator Cleveland-Cliffs was set to acquire Stelco Holdings for $70 per share in a deal valued at $3.4 billion. Stelco shares bounced $27.64, or 74%, to $65.00.
Energy stocks were among the big winners, as Imperial Oil gained $1.87, or 2%, to $97.84, while International Petroleum gathered 33 cents, or 1.7%, to $20.34.
In health-care Tilray towered six cents, or 2.3%, to $2.62, while Sienna Senior Living hiked 19 cents, or 1.3%, to $14.74.
Real-estate also performed well, Killam Apartment REIT units collecting 32 cents, or 1.9%, to $8.19, while Choice Properties REIT jumped 23 cents, or 1.7%, to $13.80.
Utilities let the side down, however, with Brookfield Renewable Partner units demurring $1.96, or 5.3%, to $35.07, while Boralex dumped 55 cents, or 1.6%, to $34.46.
In consumer discretionary stocks, Canadian Tire lost $2.89, or 2.1%, to $138.05, and Aritzia doffed 95 cents, or 2%, to $46.71.
In consumer staples, Saputo fell 58 cents, or 1.8%, to $31.37, while Primo Water slid 27 cents, or 1%, to $28.09.
In the economic data Monday, Statistics Canada reported May wholesale trade fell 0.8% to $82.2 billion in May. while manufacturing sales rose 0.4% in May, mainly on higher production of aerospace products and parts, as well as sales of food products. The gains were partially offset by lower sales of motor vehicles.
ON BAYSTREET
The TSX Venture Exchange edged ahead 0.85 points to 594.55.
Eight of the 12 TSX subgroups were positive on the day, with energy surging 1.8%, health-care better by 1%, and real-estate stronger 0.8%.
The four laggards were weighed down worst by utilities, down 1.2%, consumer discretionary stocks, off 0.3%, and consumer staples, off 0.04%.
ON WALLSTREET
The Dow Jones Industrial Average advanced on Monday as investors bet the unsuccessful assassination attempt on former President Donald Trump will lead to big gains for the Republican presidential candidate and the GOP at the polls in November.
The 30-stock index came down from its highs of the day, but still climbed 210.82 points to 40,211.72.
The S&P 500 index picked up 15.87 points to 5,631.22.
The NASDAQ hiked 74.12 points to 18,472.57.
Traders were monitoring the latest developments with the attempted assassination of Trump, the Republican candidate for president. While it had potential to create more political strife in the country, investors also speculated this could further propel Trump and Republicans in the polls ahead of the November election.
The Republican National Convention commences Monday in Milwaukee, with Trump leading President Joe Biden in national polls.
Friendlier fiscal policies ahead were seen as further spurring a broadening out of the bull market that started to take shape last week. Small-cap shares and banks led the gains Monday.
Humana and UnitedHealth Group each rose around 0.5% in the session. The insurers could benefit from fewer cost pressures coming from a Republican administration. Goldman Sachs shares traded more than 2% higher after posting earnings that exceeded analysts’ expectations
Goldman is one of the more than 40 S&P 500 companies reporting second-quarter earnings this week as the new season ramps up. This list also includes household names such as Bank of America, United Airlines and Netflix
Beyond earnings, investors parsed comments from Federal Reserve Chair Jerome Powell, who said the central bank wouldn’t wait until inflation was at its goal of 2% before lowering interest rates. He also said a hard landing scenario is unlikely for the economy.
Prices for the 10-year Treasury faded, raising yields to 4.23% from Friday’s 4.18%. Treasury prices and yields move in opposite directions.
Oil prices dipped 27 cents at $81.94 U.S. a barrel.
Gold prices gained $6.20 to $2,426.90
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