Stocks Sprint Midday

Rogers-Shaw Matter Front and Centre

Canada's main stock index edged higher on Monday, aided by gains in resources-linked shares and an upbeat mood in global equities, although sentiment remained fragile amid recession fears.

The S&P/TSX reacquired last week’s momentum, pumping 202.06 points higher. to reach noon EDT on Monday at 19,264.97.

The Canadian dollar forged ahead 0.13 cents to 77.66 cents U.S.

Markets in Canada will be shuttered Friday for Canada Day.

In company news, Rogers Communications Shaw Communications and Canada's competition bureau on Friday agreed to start a mediation process to overcome the agency's antitrust issues posed by Rogers' $20-billion acquisition of Shaw.

Shares of Rogers pulled back 64 cents, or nearly 1%, to $61.84, while Shaw was down 11 cents to $38.14.

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 4.4 points midday to 651.73

All but two of the 12 TSX subgroups strengthened, led by energy, ahead 3.3%, materials, jumping 1.5%, and consumer discretionary stocks, better by 1.1%.

The two laggards were information technology, sliding 1.1%, and communications, off 0.1%.


U.S. stocks wavered over the flat line Monday 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 recovered 19.76 points to 31,520.44.

The S&P 500 squeaked ahead 2.22 points to 3,913.96.

The NASDAQ Composite went the other way, docking 36.8 points to 11,570.82.

Cruise names dragged the market lower Monday. Royal Caribbean, Norwegian Cruise and Carnival fell more than 2% each.

Etsy was another top decliner, down 4% following a downgrade by Needham. Shares of Spirit Airlines fell more than 7% after the company said it would accept the latest takeover bid from Frontier Group.

The energy sector was a notable gainer, with Devon rising 7%. Valero gained 6% and Marathon was up about 5%.

BioNTech shares also advanced by about 7% after the drug maker said its Omicron-based COVID-19 booster generates an improved immune response against that variant.

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.

Treasury prices were lower, raising yields to 3.18% from Friday’s 3.14%. Treasury prices and yields move in opposite directions.

Oil prices improved $1.55 to $109.17 U.S. a barrel.

Gold prices slid $2.60 to $1,827.70 U.S. an ounce.