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TSX Recovers from Recent Drought

Sep 13, 2021 (Baystreet.ca via COMTEX) --

Canadian stocks rose on Monday as a jump in crude prices lifted energy shares and outweighed concerns about slowing global growth that drove the TSX index to its biggest weekly loss since mid-July.

The TSX Composite remained above water 48.01 points, to greet noon Monday at 20,681.07

The Canadian dollar picked up 0.22 cents to 79.08 cents U.S.

Eight Capital initiated coverage on Ballard Power Systems with a neutral rating and target price of $18.00.

Ballard shares gained 10 cents to $19.45.

Canadian Pacific Railway settled 11 cents to $86.80 after Kansas City Southern said it planned to accept the railroad operator's $27.2-billion cash-and-stock acquisition offer over a $29.6-billion deal to sell itself to Canadian National Railway. For its part, CN shares dissolved $1.77, or 1.2%, to $148.97.

Crescent Point Energy leaped 60 cents, or 14%, to $4.90, and was the largest percentage gainer on the TSX after the oil producer raised its fourth-quarter dividend.

Prime Minister Justin Trudeau, facing possible defeat in a snap election scheduled for next Monday, defended his decision on Friday to call the vote early and said his main rival, Conservative Erin O'Toole, would undermine the fight against COVID-19.

ON BAYSTREET

The TSX Venture Exchange slid 0.53 points to 902.82.

Seven of the 12 TSX subgroups remained higher midday, with energy towering 4.1%, gold brighter by 1.8%, and materials ahead 0.8%.

The five laggards were weighed most by information technology, down 2%, while industrials and consumer staples each faded 0.5%.

ON WALLSTREET

The Dow Jones Industrial Average gained Monday as the index rebounded from a losing streak.

The 30-stock index climbed 232.36points to break for lunch at 34,840.08.

The S&P 500 acquired 4.71 points to 4,463.29

The NASDAQ Composite dropped 21.29 points, to 15,094.20.

The blue-chip average's bounce comes after the Dow and the S&P posted a fifth straight day of losses Friday, while the NASDAQ registered its third consecutive negative session. For the S&P 500, Friday marked its worst losing streak since February 22.

COVID cases reached a seven-day average through Friday of about 136,000, down from 157,000 average new cases at the end of August, according to the CDC. Pfizer's COVID vaccine could be authorized for children by the end of next month.

Energy names popped Monday as oil prices rose. Marathon Oil, APA Corp, EOG Resources, Occidental Petroleum and other energy stocks were among the top gainers on the S&P 500.

Apple moved higher ahead of a launch event Tuesday where the company is expected to introduce new iPhones.

Nike shares fell after BTIG downgraded the stock citing supply chain challenges caused by the pandemic. Production issues could significantly impact Nike's holiday sales, BTIG said.

Prices for 10-Year Treasurys jumped, lowering yields to 1.32% from Friday's 1.34%. Treasury prices and yields move in opposite directions.

Oil prices took on 62 cents to $70.34 U.S. a barrel.

Gold prices hiked $4.70 to $1,796.80 U.S. an ounce.

comtex tracking

COMTEX_393256652/2559/2021-09-13T12:27:49

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