Equities in Canada’s most populous centre got off to a roaring start Monday, boosted by a jump in oil prices, after the benchmark ended last week with its biggest loss since mid-July.
The TSX Composite reversed its earlier negative trend, and gained 46.03 points, to begin the week at 20,679.09
The Canadian dollar picked up 0.18 cents to 79.04 cents U.S.
Eight Capital initiated coverage on Ballard Power Systems with a neutral rating and target price of $18.00.
Ballard shares settled 36 cents, or 1.9%, to $18.99.
Prime Minister Justin Trudeau, facing possible defeat in a snap election scheduled for next Monday, defended his decision on Friday to call the vote early and said his main rival, Conservative Erin O’Toole, would undermine the fight against COVID-19.
ON BAYSTREET
The TSX Venture Exchange recovered 3.58 points to 906.93.
Eight of the 12 TSX subgroups were higher in the first hour, with energy towering 3.4%, gold brighter by 1%, and industrials ahead 0.5%.
The four laggards were weighed most by information technology, down 1.6%, consumer discretionary, off 0.3%, and health-care, settling 0.2%.
ON WALLSTREET
The Dow Jones Industrial Average gained Monday as the index rebounded from a losing streak.
The 30-stock index climbed 236.54 points to begin a new week at 34,844.26.
The S&P 500 regained 3.53 points to 4,462.11
The NASDAQ Composite dropped 67.28 points, to 15,049.26.
The blue-chip average’s bounce comes after the Dow and the S&P posted a fifth straight day of losses Friday, while the NASDAQ registered its third consecutive negative session. For the S&P 500, Friday marked its worst losing streak since February 22.
COVID cases reached a seven-day average through Friday of about 136,000, down from 157,000 average new cases at the end of August, according to the CDC. Pfizer’s COVID vaccine could be authorized for children by the end of next month.
Energy names popped Monday as oil prices rose. Marathon Oil, APA Corp, EOG Resources, Occidental Petroleum and other energy stocks were among the top gainers on the S&P 500.
Apple moved higher ahead of a launch event Tuesday where the company is expected to introduce new iPhones.
Nike shares fell after BTIG downgraded the stock citing supply chain challenges caused by the pandemic. Production issues could significantly impact Nike’s holiday sales, BTIG said.
Prices for 10-Year Treasurys jumped, lowering yields to 1.32% from Friday’s 1.34%. Treasury prices and yields move in opposite directions.
Oil prices took on 88 cents to $70.60 U.S. a barrel.
Gold prices hiked $6.70 to $1,798.80 U.S. an ounce.
