Canada's main stock index moved higher on Monday, led by gains in financial stocks, as investors anticipated more certainty regardless of the winner of the country's general election, in which U.S. trade policies have been in focus.
The TSX Composite Index gained 88.08 points to conclude Monday at 24,798.59
The Canadian dollar climbed 0.27 at 72.36 cents U.S.
Prime Minister Mark Carney and Conservative leader Pierre Poilievre wrapped up their campaigns on Sunday. Carney's Liberal Party held a narrow lead in popular support ahead of the final voting, according to pollsters.
Election results will trickle in, starting in eastern provinces, after polls close at staggered times on Monday evening.
In corporate news, Propel Holdings announced that it has increased its existing credit facility for CreditFresh from $70 million to $400 million. Shares in Propel acquired 80 cents, or 3%, $27.51.
In techs, Quarterhill hoisted seven cents, or 5.2%, to $1.41, while Constellation Software popped $44.30 to $4,972.71.
Among financial stocks, Trisura Group topped the index, with a rise of 50 cents, or 1.3%, to $37.75. Elsewhere in financials, Laurentian Bank took on 32 cents, or 1.2%, to $27.04.
In telecoms, Cogeco grabbed 70 cents, or 1.1%, to $65.33, while Rogers hiked 34 cents, or 1%, to $35.23.
Health-care suffered. As Tilray dipped four cents, or 5.8%, to 65 cents, while Bausch Health Companies lost four cents to $7.49.
In industrials, Brookfield Business Partners sank 67 cents, or 2.2%, to $29.50, while Boyd Group Services gave back $2.56, or 1.3%, to $199.55.
In real-estate, Choice Properties REIT lost 34 cents, or 2.3%, to $14.48, while Crombie REIT units retreated 18 cents, or 1.2%, to $14.42.
ON BAYSTREET
The TSX Venture Exchange retreated 0.64 points to 653.18.
All but three of the 12 subgroups were higher by the close, led by information technology, ahead 0.5%, financials, up 0.4%, and telecoms, better by 0.3%.
The three laggards were health-care, sinking 1.2%, while industrials waned 0.5%, and real-estate lost 0.2%.
ON WALLSTREET
The S&P 500 inched higher Monday as Wall Street braced for a packed week of earnings and economic data. Investors are also awaiting any progress on trade deal negotiations.
The Dow Jones Industrials leaped 114.09 points, to end Monday at 40,227.59
The much-broader index nosed up 3.54 points to 5,528.75.
The NASDAQ Composite dropped 16.81 points to 17,336.13
Four of the “Magnificent Seven” companies — Amazon, Apple, Meta Platforms and Microsoft — briefly came under pressure during Monday’s session ahead of their quarterly reports. Apple and Meta Platforms ended the session modestly higher. Microsoft slipped 0.2% while Amazon was off 0.7%.
Nvidia and Tesla also led the index lower, with both names tumbling more than 3%.
Earnings results have been somewhat strong for the prior quarter, with 73% of companies reporting beating analysts’ estimates so far — slightly below the five-year average of 77%.
Still, Wall Street is lowering expectations for the second quarter and the full year as companies come out with uncertain guidance because of President Donald Trump’s tariffs.
On Monday, Treasury Secretary Scott Bessent offered little clarity on the direction of reaching a possible trade agreement with China, but said that the onus was not on the United States. On the positive side, however, Bessent said that they were making progress on other trade proposals, suggesting a deal with India would be “one of the first” to come.
His comments come after Trump said last week that discussions with China were underway, refuting China’s claims of no trade talks between the two countries.
Prices for the 10-year Treasury regained ground Monday, lowering yields to 4.21% from Friday’s 4.26%. Treasury prices and yields in opposite directions.
Oil prices lost $1.12 to $61.91 U.S. a barrel.
Prices for gold thundered higher $62.60 to $3,336.70 U.S.
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