Equities in Toronto gathered some traction by Monday’s closing bell, with major events coming out of the telecom industry.
The TSX roared ahead 103.43 points to conclude Monday at 18,954.75, yet another all-time high.
The Canadian dollar dropped 0.01 cents to 80.18 cents U.S.
As mentioned, communications was where it was at Monday, with the pending sale of Shaw Communications to Rogers for $26 billion, thus creating Canada’s second-biggest telecom.
Shaw pumped higher $10.07, or 42.1%, to $33.97, while Rogers sprang up $2.10 per share, or 3.5%, to $61.65.
Health-care concerns also found upward momentum, with Aphria climbed $2.74, or 11%, to $27.68, while Aurora Cannabis taking on 68 cents, or 5.2%, to $13.86.
Among gold stocks, Iamgold picked up 10 cents, or 2.5%, to $4.11, while Barrick Gold improved 55 cents, or 2.2%, to $25.91.
Energy stocks went the other way, with Arc Resources sifting off 49 cents, of 5.8%, to $8.01, while Seven Generations Energy stumbled 54 cents, or 5.8%, to $8.71.
Among financials, ECN Capital slid 13 cents, or 1.6%, to $8.10, while Fairfax Financial Holdings sank $9.14, or 1.7%, to $525.00.
On the economic slate, Statistics Canada said manufacturing sales rose 3.1% to $56.2 billion in January, exceeding the level observed before the COVID-19 pandemic (February 2020) for the first time.
Higher sales of wood products, computer and electronic products, and primary metals contributed the most to the gains.
Elsewhere, Canada Mortgage and Housing Corporation reported the trend in housing starts was 242,777 units in February, down from 244,963 units in January. The Seasonally Adjusted Annual Rate of urban starts decreased by 14% in February to 231,042 units.
ON BAYSTREET
The TSX Venture Exchange jumped 14.1 points, or 1.4%, to 996.3.
All but two of the 12 TSX subgroups were positive on the day, with communications racing 6.5%, while health-care popped 4.1%, and gold shone brighter 2%.
The two laggards were energy, keeling over 1.3%, while financial were poorer by 0.4%.
ON WALLSTREET
The Dow Jones Industerials and S&P 500 both hit new highs on Monday as investors grew optimistic about the economic reopening from the pandemic.
The 30-stock index recovered 174.82 points to 32,953.46, its seventh positive session in a row for the first time since August.
The S&P regained 25.6 points, to 3,968.94, to a fresh all-time high for its fifth straight day of gains.
The NASDAQ Composite leaped 139.84 points, or 1.1%, to 13,459.71.
Stocks that will benefit most from a swift economic comeback from the pandemic led the gains. American Airlines saw its shares propelled 7.7%, and United Airlines shares rose 8.3%.
Air travel over the weekend hit its highest level in more than a year as the COVID-19 vaccine rolls out and Americans return to vacationing.
As a part of the $1.9-trillion stimulus package that became law last week, the IRS started processing $1,400 direct payments for millions of Americans, which is expected to add juice to the already recovering economy.
Air travel over the weekend hit its highest level in more than a year as the COVID-19 vaccine rolls out and Americans return to vacationing.
Stocks hit their lows of the day as Italy joined Germany, Ireland and the Netherlands in suspending the use of the coronavirus vaccine developed by AstraZeneca and the University of Oxford over blood clot concerns.
Investors will be gearing up for Wednesday when the Federal Reserve will deliver its decision on interest rates. The central bank is expected to acknowledge much better growth in the economy. Bond pros are also watching to see whether Fed officials will tweak their interest rate outlook, which now does not include any rate hikes through 2023.
On the vaccine front, President Joe Biden announced last week that he would direct states to make all adults eligible for the vaccine by May 1. Biden also set a goal for Americans to be able to gather in person with their friends and loved ones in small groups to celebrate the Fourth of July.
Prices for 10-Year Treasurys moved higher, dropping yields to 1.60% from Friday’s 1.63%. Treasury prices and yields move in opposite directions.
Oil prices gave back 16 cents to $65.45 U.S. a barrel.
Gold prices grew $10.40 to $1,730.30.
