Stocks Clear Breakeven

Ascot, Cardinal in Focus

Equities in Canada’s largest market opened slightly higher on Monday, aided by gains in resources-linked shares and an upbeat mood in global equities.

The S&P/TSX poked ahead 10.72 points to begin a short week on Monday at 19,073.63.

The Canadian dollar retreated 0.12 cents to 77.52 cents U.S.

Markets in Canada will be shuttered Friday for Canada Day.

Canada’s competition bureau says the body, Rogers Communications and Shaw Communications have agreed to start a mediation process to overcome the agency's anti-trust issues posed by Rogers' $20-billion acquisition of Shaw.

Rogers shares began the session down 47 cents to $61.96, while Shaw shares were unchanged at $38.35.

CIBC cut the rating on Ascot Resources to neutral from outperform. Ascot shares acquired a penny, or 2.3%, to 44 cents.

CIBC initiated coverage on Cardinal Energy with a neutral rating. Cardinal settled three cents to $7.05.

CIBC cut the rating on Equinox Gold to underperform from neutral. Shares in Equinox lost nine cents, or 1.4%, to $6.57.

CBC News quoted Finance Minister Chrystia Freeland as saying Canada still has a path to a "soft landing," where it could stabilize economically after the blow by the COVID-19 pandemic, without facing a severe recession that many fear.


The TSX Venture Exchange gained 2.72 points at the opening bell to 650.05

Seven of the 12 TSX subgroups lost ground, with health-care down 1.2%, information technology retreating 0.8%, and gold dulling price 0.5%.

The five gainers were led by energy, charging ahead 1.2%, while financials and utilities each tacked on 0.2%.


U.S. stocks slipped on Monday morning following a major rebound last week from this year’s steep declines. Wall Street is preparing to wrap up the worst first half for stocks in decades.

The Dow Jones Industrials dropped 14.79 points to 31,485.89.

The S&P 500 fell 3.73 points to 3,908.01.

The tech-heavy NASDAQ subtracted 30.52 points to 11,577.10.

Cruise names dragged the market lower Monday. Royal Caribbean fell 4.5%, while Carnival and Norwegian Cruise declined about 3% each.
Etsy was another top decliner, down more than 4% following a downgrade by Needham.

The energy sector was a notable gainer, with Devon rising 5%. Valero, Enphase and Occidental were each up more than 4%.

BioNTech shares advanced almost 4% after the drug maker said its Omicron-based COVIF-19 booster generates an improved immune response against that variant.

Meanwhile, shares of Spirit Airlines fell more than 7% after the company said it would accept the latest takeover bid from Frontier Group.

Nike will report earnings for its fiscal fourth quarter after the bell Monday, ahead of a handful of other key reporters this week including Bed Bath & Beyond, General Mills, Constellation Brands and Walgreens.

Traders are also watching for the pending home sales report, due out later this morning.

Treasury prices were lower, raising yields to 3.17% from Friday’s 3.14%. Treasury prices and yields move in opposite directions.

Oil prices fell 95 cents to $106.67 U.S. a barrel.

Gold prices slid 40 cents to $1,829.900 U.S. an ounce.