Equity markets in Canada’s largest centre finished positive Monday, powered by energy and resource issues, as the battle for control of a U.S. railroad appears to be nearing an end.
The TSX Composite remained above water 33.35 points, to finish Monday at 20,666.41
The Canadian dollar picked up 0.15 cents to 79.01 cents U.S.
Eight Capital initiated coverage on Ballard Power Systems with a neutral rating and target price of $18.00.
Ballard shares gained 30 cents, or 1.6%, to $19.65.
Canadian Pacific Railway settled 10 cents to $86.81 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 $2.87, or 1.9%, to $147.87.
Crescent Point Energy leaped 57 cents, or 13.7%, to $4.89, and was the largest percentage gainer on the TSX after the oil producer raised its fourth-quarter dividend.
Elsewhere in energy, Vermilion Energy gained 90 cents, or 10.7%, to $9.35.
Gold shone, with Iamgold jumping 22 cents, or 8%, to $2.97, while Equinox tacked on 62 cents, or 7.3%, to $9.17.
In other resource stocks, Fortuna Silver Mines added 49 cents, or 9.2%, to $5.80 while Dundee Precious Metals popped 51 cents, or 6.7%, to $8.10.
Tech stocks, however did not fare so well, as Nuvei Corp. docked $6.87 ,or 4.2%, to $155.78, while Lightspeed POS fell $7.58, or 4.8%, to $150.01.
Industrials were led downward by ATA Automation Tooling Systems deducted $1.88, or 4.1%, to $44.17, while Toromont Industries fell $2.24, or 2.3%, to $104.23.
In consumer staples, SunOpta doffed 30 cents, or 2.5%, to $11.82 while Loblaw slid $2.09, or 2.3%, to $88.53.
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.
The TSX Venture Exchange slid 0.88 points to 902.47.
Seven of the 12 TSX subgroups remained higher by the closing bell, with energy towering 4.1%, gold brighter by 1.4%, and materials ahead 0.6%.
The five laggards were weighed most by information technology, down 1.5%, while industrials, skidded 0.8%, and consumer staples each faded 0.7%.
The Dow Jones Industrial Average gained Monday as the index rebounded from a five-day losing streak.
The 30-stock index climbed 261.91 points to conclude Monday at 34,869.63.
The S&P 500 acquired 10.15 points to 4,468.73. The two major indexes both finished the day positive for the first time in the past six sessions.
The NASDAQ Composite dropped 9.91 points, to 15,105.58, for a fourth consecutive down day.
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.
Eight out of 11 S&P sectors were positive Monday, led by energy. APA Corp, Marathon Oil and Occidental Petroleum were the top three gainers on the S&P 500 with other energy stocks also lifting up the index.
Names linked to the reopening also gained. Delta Air Lines and Carnival Corp edged higher. Traditional cyclical plays GM and Citigroup rose.
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 1.33% from Friday’s 1.34%. Treasury prices and yields move in opposite directions.
Oil prices took on 93 cents to $70.65 U.S. a barrel.
Gold prices moved forward $2.50 to $1,794.80 U.S. an ounce.