Gold Shines, Communications Black Out
Canada’s main stock index found its way (narrowly) in the green by the end of Monday’s session – its 12th straight positive showing – as strength in gold and other resource stocks overrode backward progress in communications issues.
The S&P/TSX Composite Index regrouped 50.33 points Monday to 15,354.16. Since the start of 2019, the index has gained more than a thousand points.
The Canadian dollar skidded 0.11 cents to 75.2 centsU.S.
In the gold sector, Barrick Gold climbed 25 cents, or 1.6%, to $15.89, while B2 Gold gained 10 cents, or 2.8%, to $3.63.
In the materials sector, Agnico Eagle Mines acquired 26 cents to $52.00, while First Quantum Minerals progressed 15 cents, or 1.2%, to $12.85
Financials were also painted green, as Royal Bank tacked on 98 cents, or nearly 1%, to $99.62, while National Bank improved 10 cents to $60.84.
Communications stocks were not feeling the love, though, as Shaw Communications slid 25 cents to $26.68, while BCE faded 16 cents to $55.67.
Energy waned, as Imperial Oil lost 50 cents, or 1.3%, to $36.71, while Crescent Point Energy dropped 23 cents, or 4.9%, to $4.43.
Tech stocks gave back, as Constellation Software lost $22.98, or 2.4%, to $918.00
Oil prices regained $1.73 to $53.80U.S. a barrel.
Gold prices let go of $6.39 to $1,276.00U.S. an ounce.
The TSX Venture Exchange grew 2.57 points to 598.08
Seven of the 12 TSX subgroups jumped into positive territory by day’s end, with gold soaring 0.5%, while materials and financials each improved 0.3%.
The five laggards were weighed most by communications, waning 0.7%, energy, down 0.4%, and information technology, clicking lower by 0.3%
Markets in the States were closed Monday for Martin Luther King Day.
This article provided by NewsEdge.