Equities in Canada’s largest centre were back in the win column Monday, with techs and financials leading the parade.
The TSX Composite Index picked up 64.26 points to close Monday at 26,568.61
The Canadian dollar advanced 0.09 cents to 73.67 cents U.S.
The Middle-East escalation coincided with the Group of Seven leaders from Britain, Canada, France, Germany, Italy, Japan and the U.S., along with the European Union, gathering in Alberta, where U.S. President Donald Trump's tariffs have already strained ties.
Monday's discussions will centre on advancing trade deals, with investors closely watching prospects of Canada moving closer to a trade agreement with the U.S.
On the company front, Bombardier and France-based aerospace firm Safran announced a defense technology innovation partnership on Monday. Bombardier shares hiked $3.03, or 2.9%, to $106.00.
Tech stocks were the winners among sectors, with BlackBerry moving up 35 cents, or 6.3%, to $5.91, while Lightspeed Commerce charging ahead 59 cents, or 4%, to $15.43.
Financials were also in the green, with goeasy Ltd. popping $3.39, or 2.2%, to $156.22, while Trisura Group gained 89 cents, 2.2%, to $41.00.
In discretionary stocks, Aritzia barreled ahead $2.24, or 3.4%, to $67.44, while Gildan Activewear collected $2.07, or 3.3%, to $64.99.
Gold, however, settled, with Torex Gold fading $2.25, or 4.7%, to $46.08. while Equinox dipped 27 cents, or 3.1%, to $8.46.
In energy, Parex Resources descended 68 cents, or 4.4%, to $14.97, while Baytex Energy gave up 10 cents, or 3.5%, to $2.73.
In consumer staples, Jamieson Wellness shares handed back 41 cents or 1.1%, to $36.09, while George Weston slid $2.49 to $265.12.
Economically speaking, Canada Mortgage and Housing Corporation reported the six-month trend in housing starts was flat (0.8%) in May (243,407 units).
Also, the Canadian Real Estate Association said the number of home sales recorded over Canadian MLS Systems climbed 3.6% between April and May, marking the first gain in activity since last November.
ON BAYSTREET
The TSX Venture Exchange recovered 4.25 points to 725.38.
Seven of the 12 TSX subgroups were lower by the final bell, as gold sagged 1%, while energy dipped 0.9%, and consumer staples closed lower 0.5%.
The five gainers were led by information technology, ahead 1.2%, while financials and consumer discretionary issues each advanced 0.6%.
ON WALLSTREET
Stocks rebounded on Monday as investors were optimistic that the conflict between Israel and Iran may remain contained. The spike in oil prices due to the escalating conflict also eased.
The Dow Jones Industrials zoomed 317.30 points to 42,515.09.
The S&P 500 index regrouped 56.14 points to 6,033.11.
The NASDAQ Composite climbed 294.39 points, or 1.5%, to 19,701.21.
All “Magnificent Seven” stocks were higher Monday, as the pullback in oil prices caused investors to take on more risk again. Tesla was up more than 1%, and Meta Platforms climbed almost 3%, bolstered by news that ads are coming to WhatsApp.
Meanwhile, Palantir, which is viewed as a beneficiary of increasing global conflict, moved nearly 3% higher.
Investors also digested weaker-than-expected manufacturing survey data Monday morning, which came ahead of the Federal Reserve’s interest rate decision on Wednesday.
Traders have been closely watching the Middle East after Israel’s strike on Iran Friday. Iran launched missiles in retaliation, increasing the severity of conflict in the region.
However, there was some optimism on Monday that the situation wouldn’t escalate after a Wall Street Journal report said that Iran has signaled through intermediaries that it would be open to restarting negotiations as long as U.S. doesn’t join Israel in the attacks. The report also said Iran has messaged to Israel that both sides should keep attacks contained.
Prices for the 10-year Treasury were lower, pushing yields up to 4.45% from Friday’s 4.41%. Treasury prices and yields move in opposite directions.
Oil prices slumped $1.59 to $71.39 U.S. a barrel.
Gold prices slid $50.20 to $3,402.60 U.S. an ounce.
Related Stories
