Stock markets in Canada closed mostly slightly upon Monday, on the back of strength in the energy sector.
Canada’s main stock index, the S&P/TSX Composite Index, closed up 0.7% at 16,407 points, with the energy sector leading the way, up 1.5%, as oil prices hit five-month highs.
Top gainers included Crescent Point Energy Corp (TSE:CPG), which was up 12.2% at C$4.98 and Gran Tierra Energy Inc, which was up 7.6% at C$3.39.
The TSX Venture Exchange was up 0.4% to close at 632 points.
The Canadian Securities Exchange was down1.5% at 900.4 points.
US markets
US markets ended the day mixed Monday as both the Nasdaq and the S&P 500 overcame early losses and clawed back into positive territory.
The Dow gained back some ground but was unable to withstand another fall from Boeing Co (NYSE:BA), which dropped 4.6% after Bank of America downgraded the stock to Neutral from Buy. The airplane manufacturer isn’t expected to reach 500 deliveries of its 737 MAX planes following two deadly crashes grounded the model around the globe, according to Reuters.
Symantec (NASDAQ:SYMC) helped drag the S&P 500 and Nasdaq ahead thanks to an upgrade from Goldman Sachs, according to TheStreet. The cybersecurity company gained 5.4% to close at $24.24.
US factory orders fell 0.5% to $500.1 million in February after remaining flat in January, according to data from the US Census Bureau. That figure was in line with Street expectations.
The Dow Jones Industrial Average lost 0.3%, 123 points, to close at 26,341. The Nasdaq climbed 0.2% to settle at 7,953.9, and the S&P 500 grew 3 points to end the day at 2,895.8.
At the small-cap level, the Russell 2000 finished 0.2% lower at 1,578.8, while the S&P 600 Index shaved off 1 point to 964.9.
1:30 pm: TSX drops further at midday as financial and health care shares threaten the exchange's positive run
The TSX started Monday afternoon down an additional 56 points to 16,339.
Resource indices were the lone bright spot on Monday's trading, with energy up over 1% and metals and mining around 0.6% higher. All other indices were in the red at midday.
The Venture exchange edged higher 0.4% to sit at 632 points, while the CSE fell 6 points to sit at 907.
Valeura Energy Inc (TSE:VLE) was a big mover on Monday, powering 13% higher on news that the gas explorer was mulling a listing on the London Stock Exchange.
On the Venture, cannabis producer MediPharm Labs Corp (CVE:LABS) was up 7% after announcing the formation of a new scientific advisory committee, while gold explorer NOVO Resources Corp (CVE:NVO) gained 10% to sit at $2.45.
Global markets: Dow drops 150 points as Wall Street absorbs early losses
Stocks took a hit to start the week as the Dow fell triple digits at Monday’s open.
Boeing Co (NYSE:BA) lost nearly 4% to shackle the blue chips after a downgrade from Bank of America, per CNBC.
Factory orders decreased 0.5% in February, StreetInsider.com reported, down from 0.1% growth in January and in line with Street expectations. Later this this week, minutes from the Fed’s March meeting are expected to come out on Wednesday.
The Dow Jones Industrial Average fell 0.6% lower, 161 points, to 26,263.6. The Nasdaq was down 0.5% to 7,903, and the S&P 500 dipped 0.4% to 2,882.6.
At the small-cap level, the Russell 2000 slipped 0.4% to 1,576.3, while the S&P 600 Index dropped 0.5% to 961.3.
The London FTSE was flat after the BDO optimism index, which measures business confidence, hit its lowest point since 2012. The 100-stock index was stuck on 7,446.8. In Paris, the CAC 40 held at 5,475.5, while in Frankfurt the DAX 30 lost 0.4% to 11,964.6.
In Asia overnight, the Nikkei 225 closed down 0.2% at 27,761.7 in Japan, and the Shanghai Composite Index lost 1.8 points to end at 3,244.8.
10:35am: TSX opens lower as financial and health care shares threaten the exchange's positive run
Canada’s main exchange fell in early Monday trading as financial and health care shares declined, leaving the Toronto Stock Exchange struggling to hold on to its seven-month highs.
The TSX opened on Monday down nearly 41 points to 16,355, down 0.3% from Friday’s close.
The TSX Venture Exchange fared slightly better, up nearly 3 points on Monday to 632, a gain of around 0.4%.
While neither figures call for panic just yet, the exchanges have been riding a wave of good fortune since late last year, buoyed by higher energy prices and a rally in Canada’s financial stocks.
On Monday, financial indices were down around 0.4% while health care shares lost 1.2%.
The Canadian Securities Exchange, meanwhile, was up 0.7% on Monday to nearly 920 points as cannabis stocks show little sign of waning investor confidence.
Early gainers on the TSX were gold shares, with Goldmoney Inc (TSE:XAU) and TMAC Resources Inc (TSE:TMR) up around 9% and Alio Gold Inc (TSE:ALO) rising nearly 7%.
On a slight downtrend was Friday’s big gainer Guyana Goldfields Inc (TSE:GUY), losing nearly 4% from last week’s highs, and Village Farm International Inc (TSE:VFF), which was down around 3%.
In the commodities market, the gold price hit US$1,300 again, surely leading to a number of sighs of relief from holders of the precious metal.
Oil was also up on OPEC production decreases and Venezuelan sanctions, rising 1.4% to sit at US$63.96 on Monday morning.
The Canadian dollar was also higher on Monday, up 0.5% to US$0.7502.
Contact Angela at angela@proactiveinvestors.com
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