Stocks on March to Start Last Week Before Christmas
The TSX Composite regained 88.77 points to begin the week at 20,617.92.
The Canadian dollar edged up 0.05 cents at 74.77 cents U.S.
Among individual stocks to look out for, brokerage J.P. Morgan upgraded software firm Lightspeed Commerce to "neutral" from "underweight". Lightspeed shares raced 89 cents, or 3.7%, to $24.88.
The materials sector, which houses Canada's major mining firms, gained ground with steel producers Algoma Steel Group and Stelco Holdings leading gains. Algoma climbed 92 cents, or 7.9%, to $12.60, while Stelco was lifted $2.65, or 5.5%, to $50.92.
Dundee Precious Metals dropped 95 cents, or 9.7%, to $8.81, after the company announced its acquisition of Osino Resources.
ON BAYSTREET
The TSX Venture Exchange reversed 0.16 points to 530.69.
All but three of the 12 subgroups were higher in the first hour of trade, led by energy’s 2% progress, while materials collected 0.9% and consumer discretionary jumped 0.6%.
The three laggards were health-care, down 0.7%, real-estate, fading 0.3%, and information technology, off 0.2%.
ON WALLSTREET
U.S. stocks rose Monday after the three major averages notched their seventh straight week of gains.
The Dow Jones Industrials added 15.23 points to open Monday morning at 37,320.39.
The S&P 500 turned higher 13.14 points to 4,732.33.
The NASDAQ jumped 35.03 points to 14,848.95.
Energy stocks outperformed in the S&P 500, with the sector up more than 1% on rising oil prices. Coterra Energy and Marathon Oil shares were each higher by roughly 3%.
U.S. Steel shares surged more than 26% after Japan’s Nippon Steel said it would buy the company in a deal valued at $14.9 billion. Adobe shares gained 2% after the company said it would end its $20-billion merger with cloud-based design platform Figma because of regulatory hurdles.
The winning streak for the S&P 500 marked its longest string of weekly gains since 2017. The broad market index is up by 3.5% for the month, while the Dow is up 3.9%, and NASDAQ has improved 4.3% higher. The Dow also posted an intraday record on Friday, and the Nasdaq 100 had a new closing high.
Prices for the 10-year Treasury fell back a bit, raising yields to 3.96% from Friday’s 3.91%. Treasury prices and yields move in opposite directions.
Oil prices soared $2.50 to $73.93 U.S. a barrel.
Gold prices were unchanged at $2,035.70.
Provided Content: Content provided by Baystreet. The Globe and Mail was not involved, and material was not reviewed prior to publication.
