Three-digit earnings for TSX
Stocks in Canada’s largest center gained ground on Monday, with resource stocks leading the way.
The TSX zoomed 107.96 points to close Monday at 19,474.65.
The Canadian dollar gained 0.31 cents on Monday to 82.87 cents US
Gold was the champion of the day, with Equinox Gold triumphing 88 cents, or 8.7%, at $ 10.97, while Iamgold took in 29 cents, or 7.2%, at 4.34 $.
In other resource issues, Endeavor Silver charged 79 cents, or 10.9%, to $ 8.02, while First Majestic Silver improved $ 1.51, or 7.8%, to 20 , $ 92.
In energy, Whitecap Resources climbed 32 cents, or 5.7%, to $ 5.93, while Vermilion Energy gained 48 cents, or 5.1%, to $ 9.85.
Industrials threw the biggest veil in the market, with Badger Daylighting slipping $ 1.41, or 3.4%, to $ 40.30, while Canadian Pacific dropped $ 3.02, or 3.1 %, at $ 93.99.
Technical issues also ended negative, with Hut 8 Mining down 58 cents, or 10.4%, to $ 5.01, while Absolute Software was down 75 cents, or 4.3%, to 16. $ 90.
In communications, AcuityAd Holdings fell more than 14 cents, or 1.3%, to $ 11.01, while Cogeco Communications edged down $ 1.32, or 1.1%, to $ 118.25.
On the economic calendar, Statistics Canada revealed that Canadian investment in foreign securities totaled $ 21.2 billion in March, mostly in the form of purchases of US stocks. At the same time, foreign investment in Canadian securities totaled $ 3.2 billion, mainly in the form of acquisitions of Canadian equities.
In addition, the Canada Mortgage and Housing Corporation tells us that the trend in housing starts was 279,055 units in April, compared to 272,164 units in March. This trend measure is a six-month moving average of the seasonally adjusted monthly annual housing starts rates.
The TSX Venture Exchange gained 11.59 points, or 1.2%, to close Monday at 942.97.
Seven of 12 subgroups were lower on the session, with industries down 0.7%, information technology down 0.4% and communications down 0.3%.
The top five winners were gold, up 4.5%, materials, load 3%, and energy, better 2.8%.
Persistent weakness in tech stocks drove major indices lower on Monday after warmer-than-expected inflation readings last week triggered a pullback in equity markets.
The Dow Jones Industrials came out of their lows for the day, but still finished behind Friday’s finish by 54.34 points to 34,327.79,
The S&P 500 fell 10.56 points to 4,163.29, as the tech sector fell 0.7%
The NASDAQ slipped 50.93 points to 13,346.52.
Big Tech was under pressure to start the week, with Apple and Netflix each losing 0.9%. Microsoft lost 1.2%, while Tesla fell more than 2% as famous investor Michael Burry revealed a big short position in the electric car maker.
Traders have sanctioned the tech sector in recent weeks amid a broader shift from growth stocks to cyclical trades, reopening in energy, financials and materials.
The stock of communication services Discovery has resisted this trend, rising sharply after AT&T announced on Monday that it would merge WarnerMedia, which includes HBO, with Discovery. The new entity will trade like its own state-owned enterprise. Discovery’s Class B stock jumped nearly 14%, while AT&T ended the day slightly lower after hitting a record earlier in the session.
Bitcoin was taken for a wild ride on Sunday night. Previously, the price had fallen below $ 43,000 after Elon Musk hinted in a Twitter exchange that Tesla could have gotten rid of his bitcoin holdings. Last week, Tesla said it would no longer accept bitcoin for car purchases due to environmental concerns.
Bitcoin then rebounded after Musk later clarified in a tweet that the electric vehicle maker “hadn’t sold any Bitcoin.” The last price was $ 45,505. Tesla shares lost 1.5%.
Elsewhere, the first quarter earnings season ends with more than 90% of S&P 500 companies reporting their results. So far, 86% of S&P 500 companies have reported a positive EPS surprise, which would mark the highest percentage of positive earnings surprises since 2008, when FactSet began tracking this metric.
Walmart, Home Depot and Macy’s will report profits on Tuesday.
Prices for 10-year Treasuries fell, taking yields to 1.65% from 1.63% on Friday. Treasury prices and yields move in opposite directions.
Oil prices jumped 97 cents to US $ 66.34 per barrel.
The price of gold gained $ 28.20 to US $ 1,886.30 an ounce.