(MENAFN- Baystreet.ca)
Another Positive Day for TSX
Quebecor, Topaz in Winners' Circle
Canadian stocks continued in recovery mode on Monday, with energy leading the charge.
The S&P/TSX triumphed 106.6 points to close Monday at 20,206.41
The Canadian dollar 0.33 cents at 77.82 cents U.S.
Energy, as mentioned, proved the engine of the upward market, as Topaz Energy jumped $1.27, or 5.6%, to $23.80, while Tamarack Valley Energy moving ahead 23 cents, or 5%, to $4.79.
In the communications field, Quebecor popped 86 cents, or 3.1%, to $28.26, while Corus Entertainment zoomed 12 cents, or 3%, to $4.16.
Materials also enjoyed a stellar day, primarily Cascades, racing 62 cents, or 6.5%, to $10.46, while Ero Copper hiked 43 cents, or 3.1%, to $14.12.
Tech stocks flagged, though, as Shopify cratered $59.02, or 11.4%, to $460.71, while HUT 8 Mining lost 33 cents, or 9.4%, to $3.20.
Among consumer discretionary stocks, BRP dropped $1.34, or 1.3%, to $101.62, while Linamar fell $1.28, or 2.5%, to $50.31.
On the economic slate, Statistics Canada reported manufacturing sales rose 2.5% in March, mainly on higher sales of petroleum and coal product, primary metals, and paper products.
Wholesale sales rose 0.3%, also in March, to $79.8 billion, with the largest increases coming in the building material and supplies, and motor vehicle and motor vehicle accessories and parts subsectors.
The Canadian Real Estate Association reported national home sales dropped by 12.6% on a month-over-month basis in April.
Foreign Minister Melanie Joly said on Saturday that there should be consensus at NATO for Sweden and Finland to join the alliance, but that their accession should be quick.
ON BAYSTREET
The TSX Venture Exchange emerged ahead 3.89 points to 700.54.
All but two of the 12 TSX subgroups were in the green, with energy soaring 2.5%, communications up 1.6%, and materials better by 1.2%.
The two laggards were information technology, down 2.4%, and consumer discretionary, off 0.4%.
ON WALLSTREET
The S&P 500 fell in choppy trading Monday as the broader market index struggled to recover from last week's losses and traders weighed the potential for a U.S. recession.
The Dow Jones Industrials gained 26.76 points, to conclude Monday at 32,223.42.
The S&P 500 retreated 15.88 points to 4,008.01
The NASDAQ Composite plummeted 142.21 points, or 1.2%, to 11,662.79.
Those moves come after a rough week as concerns over slowing U.S. economic growth, higher rates from the Federal Reserve and soaring inflation have dented market sentiment. The Dow posted a seven-week losing streak Friday, its longest since 2001. The S&P 500 notched a six-week slide — its longest since 2011.
Tech shares were a drag on stocks. Several cloud companies plunged including Datadog, which lost 10.7%, Cloudflare dumping 13.6%, and Atlassian, off 6.3%. Meanwhile, shares of electric vehicle company Tesla fell 5.9%.
Energy led gains in the S&P 500, with the sector rallying more than 3%. Occidental Petroleum was the best-performing energy stock Monday, popping more than 6%. Marathon Oil, meanwhile, gained 4.2%.
Those gains come U.S. oil prices popped 3% on bets that China would be able to recover from an economic slowdown caused by COVID lockdowns.
Other notable outperformers on Monday included health care stocks. Shares of Eli Lilly surged 4% after Mounjaro was approved by the Food and Drug Administration to treat Type 2 diabetes.
The drug is also being investigated for potential use in the treatment of obesity and overweight. Pfizer's stock price jumped 1.4%, AbbVie's stock price was up 1.3%.
Elsewhere, shares of Spirit Airlines jumped 12% after JetBlue announced a tender offer to acquire the airline for $30 a share. Carvana's stock price rose 5% after the used car company issued expectations of significant core earnings in 2023, and outlined a plan to cut costs.
Treasury prices picked up steam, lowering yields to 2.89% from Friday's 2.94%. Treasury prices and yields move in opposite directions.
Oil prices gained $3.76 at $114.25 U.S. a barrel.
Gold prices gained $17.00 to $1,825.20 U.S. an ounce.
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