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Stocks Start Week on Right Foot
Canada's main stock index rose on Monday, led by gains in the energy and materials sectors as commodity prices rose, while investors awaited a policy announcement from the Bank of Canada later in the week.
The TSX Composite gathered 43.93 points to kick off the day and the week at 21,260.08.
The Canadian dollar added 0.03 cents to 80.84 cents U.S.
The central bank is facing increasing pressure to hike interest rates ahead of schedule when it meets on Wednesday, amid hot inflation and a recovering job market in Canada.
Burger King and Tim Hortons are struggling with a staffing crunch and the Delta variant keeping coffee-loving office workers at home, causing parent Restaurant Brands International to miss estimates for quarterly revenue on
Monday.
Restaurants Brands began the day’s trading down $2.59, or 3.4%, to $74.00
An investor group led by Canadian real estate company Canderel has agreed to take Cominar REIT private in a $2.14-billion deal, as it looks to expand its presence in Montreal, Quebec City and Ottawa.
Cominar units, for now, sprinted $1.26, or 12.1%, to $11.61.
Demand has jumped for relatively cheap Canadian natural gas, driving exports to the United States to three-year highs and prompting producers in Canada to boost capital spending and drilling activity.
ON BAYSTREET
The TSX Venture Exchange strengthened 11.07 points, or 1.2%, to 959.91
Eight of the 12 TSX subgroups were gainers, as energy pumped 2.4% higher, gold brightened 1.6%, and materials strengthened 1.4%.
The four laggards were led most by communications, down 1.8%, consumer discretionary stocks, off 0.5%, and financials, sliding 0.2%.
ON WALLSTREET
U.S. stocks churned between gains and losses on Monday morning as investors prepared for a major week of earnings from heavyweight tech companies.
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The Dow Jones Industrials gained 30.29 points to 35,707.31.
The S&P 500 regained 6.21 points to 4,551.11.
The NASDAQ Composite recovered 58.26 points to 15.148.46, buoyed by Tesla.
Some of the biggest technology companies are slated to report earnings this week, including Facebook, Alphabet, Microsoft, Amazon and Apple. A third of the Dow companies also is set to release quarterly results this week, including Caterpillar, Coca-Cola, Boeing and McDonald’s.
Dow-components Apple and Microsoft moved lower in early trading. Shares of Facebook were under pressure after the release of more whistleblower documents.
Shares of Tesla, which reported record revenue and profits last week, gained more than 4% after Morgan Stanley hiked its price target on the shares to $1,200 from $900. Rental car company Hertz also announced that it would order 100,000 Tesla vehicles.
Energy stocks opened higher as West Texas Intermediate crude futures touched $85 per barrel. Shares of Exxon Mobil and Diamondback Energy rose more than 1%.
Of the 117 companies in the S&P 500 that have reported earnings to date, 84% posted numbers that beat expectations. S&P 500 companies are expected to grow profit by about 35% in the third quarter.
Prices for 10-year Treasurys regained ground, lowering yields to 1.62% from Friday’s 1.64%. Treasury prices and yields move in opposite directions.
Oil prices hiked $1.35 to $85.11 U.S. a barrel.
Gold prices hurtled higher $13.80 to $1,810.10 U.S. an ounce.
