Gains Grow for TSX

MEG, Dye in Focus


Canada's main stock index registered higher midday Tuesday, as energy shares rose, tracking crude prices, although concerns over a global recession limited gains.

The S&P/TSX remained in the green 129.33 points by noon hour to 19,312.96.

The Canadian dollar moved upward 0.33 cents to 77.35 cents U.S.

Energy stocks proved the main agent of growth Tuesday, with MEG Energy towering 95 cents, or 4.8%, to $20.78, while Secure Energy Services took on 29 cents, or 4.7%, to $6.46.

In tech stocks, Dye & Durham soared $1.06, or 4.8%, to $23.20, while Docebo jumped $1.45, or 4.3%, to $35.45.

Real-estate issues also performed well, with First Capital REIT units ahead 31 cents, or 2.1%, to $150.59, while Colliers International Group bounced up $2.28, or 1.7%, to $136.03.

On the economic scene, Statistics Canada reported retail sales increased 0.9% to $60.7 billion in April. Sales were up in six of 11 subsectors, led by higher sales at general merchandise stores.

The agency also said new home prices for Canada were up 0.5% in May compared with April, following a 0.3% rise in the previous month. Prices were up in 14 of the 27 census metropolitan areas surveyed and unchanged in the other half.

ON BAYSTREET

The TSX Venture Exchange raced ahead 13.76 points, or 2.1%, to 655.71.

All but one of the 12 TSX subgroups moved higher with energy 2% more energetic, information technology clicking 1.5% higher, and real-estate improving 0.8%.

The lone laggard was in communications, settling 0.6%.

ON WALLSTREET

Stocks rose Tuesday following a brutal week as investors assessed a more aggressive Federal Reserve and rising chances of a recession.

The Dow Jones Industrials tried to make up for falling so heavily last week by ballooning 502.84 points, or 1.7%, to break for lunch at 30,391.62.

The S&P 500 rallied 84.29 points, or 2.3%, to 3,759.13.

The NASDAQ Composite popped 305.05 points, or 2.8%, to 11,103.40.

The blue-chip Dow slid 4.8% last week, dipping below 30,000 for the first time since January 2021 last week. The tech-heavy NASDAQ slipped 4.8% last week.

Markets were shuttered Monday for the “Juneteenth” holiday.

Major tech stocks moved higher. Shares of Google-parent Alphabet jumped more than 4%. Shares of Apple and Amazon both moved more than 3%. Shares of Tesla gained more than 10%.

Shares of Kellogg jumped more than 5% after the company said it would split into three separate companies.

Shares of Spirit Airlines jumped more than 8% after JetBlue raised its takeover offer to $33.50 a share, even as Spirit deliberates a proposed merger with Frontier Group. In comparison JetBlue’s stock price dipped less than 1%.

Investors continued to monitor data to gauge the health of the economy. On Tuesday, the latest report from the National Association of Realtors showed sales of existing homes in May fell 3.4%, which is the weakest report since June 2020.

Treasury prices slumped, raising yields to 3.30% from Friday’s 3.23%. Treasury prices and yields move in opposite directions.

Oil prices recovered $1.01 to $110.57 U.S. a barrel.

Gold prices fell again, $3.10, to $1,837.50 U.S. an ounce.