Aritzia in Focus
Canada’s main stock index opened slightly higher on Monday, helped by gains in materials and financial shares.
The S&P/TSX Composite Index gained 49.07 points to open Monday at 16,420.85
The Canadian dollar gained 0.37 cents at 76.5 cents U.S.
Barrick Gold and China’s Shandong Gold said they would deepen cooperation beyond their Argentinian joint venture, potentially working together on acquisitions.
Barrick shares gained 12 cents to $17.62.
Suncor Energy said it expects its Syncrude oil sands project in Alberta to return to full production in early to mid-September, following an outage last month that shut total output.
Suncor shares subsided 12 cents to $53.82.
TD Securities raised the target price on Aritzia Inc. to $19.00 from $17.50. Aritzia shares hiked 25 cents, or 1.6%, to $16.24.
The TSX Venture Exchange regained 1.2 points to 741.30
All but two of the 12 TSX subgroups were higher in the first hour of trade, as industrials tacked on 0.8%, while materials and consumer discretionary each acquired 0.6%.
The two laggards were utilities and telecoms, each down 0.3%.
Stocks traded higher on Monday as tech financials shares rose while concerns over a trade war between the U.S. and key partners dissipated for the moment.
The Dow Jones Industrials zoomed 180 points to start the week at 24,637.27, with J.P. Morgan Chase as the best-performing stock in the index.
The S&P 500 gained 14.65 points to 2,774.47, as tech climbed 0.5% and financials were richer by 1%.
The NASDAQ hiked 36.26 points to 7,724.65.
Facebook, Amazon, Netflix, Alphabet and Apple all rose at least 0.5%. Bank stocks rose at least 1%, led by Bank of America, Citigroup, Goldman Sachs and J.P. Morgan Chase.
Wall Street looked ahead to the start of the corporate earnings season, with Citigroup, J.P. Morgan Chase and Wells Fargo all scheduled to release their results from the previous quarter. S&P 500 earnings for the second quarter are expected to have grown 20%.
Prices for the benchmark for the 10-year U.S.Treasury slumped, raising yields to 2.86% from Friday’s 2.83%. Treasury prices and yields move in opposite directions.
Oil prices handed back 16 cents to $73.64 U.S. a barrel.
Gold prices picked up eight dollars to $1,263.800 U.S. an ounce.
This article provided by NewsEdge.