AltaGas, Enghouse in Focus
Canada’s main stock index rose on Monday, as a slight recovery in oil prices helped boost the energy sector.
The S&P/TSX Composite Index hung onto gains of 36.17 points to greet noon Monday at 15,046.90
The Canadian dollar was unchanged at 75.6 U.S.
Lifting the sentiment was a gain in the technology sector. A gain of $6.83, or 3.8%, in Shopify to $185.08 led the advancers.
New Gold jumped a cent and a half, or 1.4%, to $1.11, followed by a gain of four cents, or 1.8%, shares of Tamarack Valley Energy to $2.25.
Altagas Ltd fell 89 cents, or 5.6%., the most on the TSX, to $14.96, followed by shares of Enghouse Systems Inc, which dropped 44 cents to $69.00.
Analysts said competition for deposits among Canada’s biggest banks is heating up for the first time since the global financial crisis, leading to higher funding costs that could crimp profit growth in their domestic businesses over the next two years.
The TSX Venture Exchange slumped 4.47 points to 597.68
All but three of the 12 subgroups were higher by midday Monday, with information technology up 1.6%, communications better by 0.6%, and financials ahead 0.5%.
The three laggards were utilities, down 1.5%, health-care, off 0.6%, and real-estate, slumping 0.2%.
U.S. stocks surged on Monday as shares of beaten-down tech shares rebounded after posting steep losses last week while General Motors shares climbed.
The Dow Jones Industrial Average rebounded 286.86 points, or 1.2%, to 24,572.81
The S&P 500 regained 30.98 points, or 1.2%, to 2,663.54. The NASDAQ restocked 99.87 points, or 1.4%, to 7,083.86
Shares of Facebook, Amazon, Apple, Netflix and Google-parent Alphabet all rose at least 1.5%, having dropped at least 3.6% last week, falling further into bear-market territory.
Facebook dropped amid further backlash for how the company handled the use its platform by Russian operatives to try to influence the U.S. presidential election. Apple plunged last week as investors worried the company’s iPhone sales would slow down.
General Motors rose more than 5% after it revealed plans to cut production at several plants and reducing its workforce by 15%, a more drastic cost-cutting plan than investors had expected.
Retailers rose broadly as Black Friday online sales totaled a record $6.22 billion, according to Adobe Analytics. The sales record also marks a 23.6% jump in Black Friday online sales from last year. Leading the charge were shares GameStop, Amazon and L Brands.
Monday’s moves come after stocks suffered their worst Thanksgiving week since 2011 last week as a selloff in once-loved technology stocks and oil prices put traders into riskoff mode. On Friday alone, U.S. oil prices plunged about 8%
Politics will be in focus for investors this week, with the G-20 summit in Argentina and Brexit dominating headlines.
The meeting of the world’s most powerful leaders will bring together U.S. President Donald Trump and Chinese President Xi Jinping, at a time of intense trade tensions between the two countries. Meanwhile, the U.K. has gained the backing of the European Union on its deal to withdraw from the soon-to-be 27-member bloc.
Prices for the benchmark for the 10-year U.S.Treasury were lower, raising yields to 3.07% from Friday’s 3.05%. Treasury prices and yields move in opposite directions
Oil prices hiked $1.29 to $51.71U.S. a barrel.
Gold prices slipped 20 cents at $1,223. U.S. an ounce.
This article provided by NewsEdge.