Stocks Surge by Monday’s Close



Equities in Canada’s largest market pulled out of the funk with which they closed the week before, thanks to gains in resource and tech issues.

The TSX Composite advanced 176.5 points to conclude Monday at 19,562.38.

The Canadian dollar doffed 0.11 cents to 75.31 cents.

Materials were surging, especially Nutrien, up $4.80, or 4.2%, to $118.95, while First Quantum Minerals, ahead 90 cents, or 3.9%, to $24.22.

Gold stocks were also on the march, as Kinross popped 48 cents, or 11.1%, to $4.82, while Sandstorm Gold took on 36 cents, or 4.5%, to $8.37.

Techs were also stronger, with Absolute Software bouncing 55 cents, or 3.9%, to $14.54, while Shopify climbed $1.49, or 3.5%, to $43.65.

Communications fell short of the mark, however, with Corus Entertainment dropping eight cents, or 3%, to $2.57, while Rogers fell 77 cents, or 1.4%, to $55.70.

Consumer staples were bruised, as Jamieson Wellness faltered 54 cents, or 1.5%, to $35.25, while Empire Company lost 29 cents to $36.36.

The Bank of Canada hiked rates to 3.25% from 2.50% earlier this month to the highest level in 14 years, and is expected to raise them by 50 basis points next week.

On the economic slate, Statistics Canada said its industrial product price index declined 1.2% month over month in August. Year over year, the index increased 10.6%, while its raw materials price index fell 4.2% in August and increased 17.6% year over year.

ON BAYSTREET

The TSX Venture Exchange dropped 4.14 points to 625.92.

All but two of the 12 TSX subgroups were positive, as materials leaped 2.4%, while gold and information technology powered up 1.4% each.

The two laggards proved to be communications, fading 0.3%, while consumer staples, off 0.2%.

ON WALLSTREET

Stocks closed higher on Monday in a volatile trading session ahead of the Federal Reserve’s two-day policy meeting slated to kick off Tuesday.

The Dow Jones Industrials screamed higher 197.26 points to end Monday at 31,019.68.

The S&P 500 recovered 26.56 points to 3,899.89.

The NASDAQ Composite grabbed 86.62 points to 11,535.02.

Stock wavered between gains and losses throughout the session, with the 30-stock index down as much as 263 points earlier in the day. At session lows, the S&P 500 and NASDAQ shed more than 0.9% each.

Investors are focused on the Fed’s latest policy meeting slated to begin Tuesday. The central bank is expected to raise interest rates by another three-quarters of a point, though investors are also watching for guidance about corporate earnings before the next reporting season begins in October.

Beyond the Fed meeting, there are just a few economic data releases on deck this week, including August housing starts on Tuesday and initial jobless claims on Thursday.

Treasury prices lost ground, raising yields to 3.49% from Friday’s 3.45%. Treasury prices and yields move in opposite direction.

Oil prices staggered 38 cents to $85.49 U.S. a barrel.

Gold prices inched up 50 cents to $1,684.00 U.S. an ounce.



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Post Author: Adam Jacob

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