TSX Fights To Within Points Of Breakeven

(MENAFN- Baystreet)
Equities in Canada's largest centre fought their way back from initial losses on Monday, but weakness in industrials weighed the country's main index below where it had finished last week.
The TSX Composite Index came off its lows of the afternoon, but still finished in the red 22.9 points to end Monday at 29.027.73.
The Canadian dollar gathered 0.15 cents to 72.42 cents U.S.
In corporate news, Strathcona Resources raised its offer for MEG Energy, seeking to outbid Cenovus Energy. Strathcona shares weakened 13 cents, or 1.1%, to $38.28, while shares in MEG gained 69 cents, or 2.4%, to $29.04, and those for Cenovus fell a penny to $22.11.
MDA Space fell to earth $11.02, or 25%, to $32.99, after the space firm said it received a termination notice from EchoStar for its satellite constellation contract announced on August 1.
Elsewhere in industrials, Canadian National Railways slid $2.40, or 1.8%, to $131.36.
Consumer staples were on the downside as well, as Alimentation Couche-Tard shed $2.03, or 2.7%, to $72.41, while Saputo dipped 44 cents, or 1.3%, to $34.23.
BCE fell 53 cents, or 1.6%, to $33.70 in telecoms, while TELUS gave up 26 cents, or 1.1%, to $22.71.
Gold, however, improved, with Oceanagold sprinting 66 cents, or 2.5%, to $27.31, while Iamgold hiked 24 cents, or 1.8%, to $13.96.
In materials, G Mining Ventures grabbed 94 cents, or 4.3%, to $23.04.
In health-care stocks, Sienna Senior Living picked up 29 cents, or 1.6%, to $18.30, while shares in Chartwell Retirement Residences pointed upward 19 cents to $19.44.
Among other individual stocks, luxury parka maker Canada Goose rose $2.30, or 12.4%, to $20.85, after brokerage TD Cowen upgraded the stock to "buy" from "hold."
Odds of a rate cut rose after data showed on Friday that Canada's economy shed 65,500 jobs in August, and the unemployment rate climbed to 7.1%.
Money markets expect a 92% chance of a 25-basis-point interest-rate cut on September 17.
ON BAYSTREET
The TSX Venture Exchange moved forward 6.68 points to 863.93
All but three of the 12 TSX subgroups lost ground on the day, with industrials weakening 1.2%, consumer staples lower 1%, and telecoms off 0.8%.
The three gainers were gold and materials, each ahead 1.4%, and health-care haler by 0.6%.
ON WALLSTREET
The NASDAQ Composite closed at a record high on Monday as investors geared up for a data-heavy week that includes two closely watched readings on inflation.
The Dow Jones Industrials strengthened 114.09 points to close Monday at 45,514.95.
The S&P 500 gained 13.65 points to 6,495.15.
The tech-heavy index hiked 98.31 points to 21,798.70.
The move higher was led by a rise in shares of chipmaker Broadcom, which gained 3%, and artificial intelligence darling Nvidia, whose almost 1% advance reversed some of its steep losses from the past month. Amazon and Microsoft were also higher.
The producer price index report for August is due out Wednesday morning, followed by the consumer price index on Thursday.
The data follows the lackluster August jobs report that helped fuel investor hope that the Federal Reserve is all but assured to lower benchmark interest rates at its policy meeting later this month. The jobs figures also raised the prospect of a half-point rate cut.
Prices for 10-year Treasury gained Monday, lowering yields to 4.04% from Friday's 4.09%. Treasury prices and yields move in opposite directions.
Oil prices moved higher 59 cents to $62.46 U.S. a barrel.
Gold prices obtained $22.70 to $3,676 U.S. an ounce.

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