Stocks Slightly Positive at Outset
Canada's main stock index rose on Monday, as heavyweight energy and material stocks climbed 1% boosted by higher commodity prices.
The TSX continued on the winning track first thing Monday, gaining 15.4 points to 19,488.14
The Canadian dollar dawdled 0.27 cents to 82.50 cents U.S.
BMO raised the target price on West Fraser Timber to $99.00 from $80.00. West Fraser raced ahead $4.70, or 4.5%, to $109.66.
Scotiabank raised the target price on Spin Master to $45.00 from $39.00. Spin Master shares dwindled $1.78, or 4.1%, to $41.41.
The largest percentage gainers on the TSX were Ero Copper, which jumped $.79, or 6.5%, to $29.40, and Labrador Iron Ore Royalty, which rose $1.64, or 3.8%, to $44.56, after TD Securities raised its target price on the stock to $48 from $44.
Village Farms International fell $1.76, or 13.1%, the most on the TSX, to $11.73, after the company posted a quarterly loss of 10 cents per share.
The second biggest decliner was Ballard Power Systems, down 88 cents, or 4.7%, to $17.81.
The TSX Venture Exchange leaped 7.49 points to 962.47.
Seven of the 12 subgroups were positive in the first hour, led by gold, up 1%, materials, better by 0.9%, and consumer staples, ahead 0.8%.
The five laggards were weighed mostly by health-care, sliding 2.7%, information technology, descending 1.9%, and consumer discretionary, off 0.7%.
The Dow Jones Industrials popped 213.5 points to register another all-time record of 34,991.26, boosted by a jump in Dow Inc and Chevron shares.
The S&P 500 retreated 6.93 points to 4,225.67.
The NASDAQ Composite lurched backward, though, 203.07 points to 13,549.17, as Big Tech stocks came under pressure.
Gasoline futures rose after a ransomware attack forced the closure of the largest U.S. fuel pipeline over the weekend. Colonial Pipeline, which operates a 5,500-mile system, said it was forced to halt the transport of fuel from the Gulf Coast to the New York metro area on
Friday as it "took certain systems offline to contain the threat."
Colonial said Sunday evening that some of its smaller lateral lines once again online, but that its main lines are still shut down.
Shares of energy stocks gained including Marathon Oil, Occidental Petroleum and Devon Energy. Chevron was up 1.7%. Exxon was also higher.
Bigger tech stocks declined in early trading, however, weighing on sentiment. Tesla was down 1%. Oracle lost nearly 1% after a downgrade from Barclays. Facebook and Alphabet were also lower after a downgrade by Citigroup.
Prices for 10-Year Treasurys regained lost ground, lowering yields to 1.56% from Friday’s 1.58%. Treasury prices and yields move in opposite directions.
Oil prices gave up 40 cents to $64.50 U.S. a barrel.
Gold prices gained $10.30 to $1,841.60 U.S. an ounce.