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TSX Gains at Open

Equity markets in Canada’s largest centre opened higher on Monday, boosted by financials and industrial stocks as the index eyes a recovery after logging a loss in the last week.

The TSX Composite regained 93.73 points to open a new week at 21,993.72.

The Canadian dollar eked up 0.07 cents at 72.75 cents U.S.

Proxy advisory firms ISS and Glass Lewis have recommended investors in Rogers Communications to vote against reappointing Chairman Edward Rogers due to lack of enough women on the company’s board, Bloomberg News reported on Friday.

Rogers shares captured 39 cents to $52.81.

On the economic slate, the Canadian Real Estate Association issued its report for March. National home sales edged up 0.5% month-over-month in March. Actual (not seasonally adjusted) monthly activity came in 1.7% above March 2023.

Manufacturing sales increased 0.7% in February, led by the petroleum and coal product subsector as well as the electrical equipment, appliance and component subsector. The chemical subsector posted the largest decline.

Wholesale sales (excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain) were essentially unchanged (+0.0%), at $82.2 billion in February.


The TSX Venture Exchange edged up 0.65 points to 588.36.

All but three of the 12 TSX subgroups were positive, with consumer staples and industrials each up 1%, and financials ahead 0.9%.

The three laggards proved to be gold, down 1.2%, materials, off 0.5%, and energy, backing off 0.4%.


U.S. stocks rose on Monday, rebounding from last week’s sell-off following strong Goldman Sachs earnings, hot retail data and hopes that the conflict in the Middle East won’t further escalate.

The Dow Jones Industrials regained 193.37 points to begin Monday at 38,117.21

The S&P 500 index jumped 21.4 points to 5,144.81.

The NASDAQ advanced 41.8 points to 16,216.90.

Goldman Sachs popped almost 5% after beating Wall Street expectations on both lines in the first quarter. JPMorgan shares gained nearly 2% in Monday’s session, erasing some losses after tumbling Friday amid concerns about what the financial giant may generate from lending in the year ahead.

Wall Street also got a boost from fresh economic data. Retail sales increased 0.7% for the month of March, providing the latest indication that consumption remains strong in spite of inflationary pressures. That pace was higher than the 0.3% consensus forecast of economists polled by Dow Jones.

Monday’s action also comes of the heels of a tough week on Wall Street, as lingering inflation concerns and a poor start to the new corporate earnings season weighed on traders. Both the Dow and S&P 500 saw their worst weekly performances since 2023.

Prices for the 10-year Treasury tumbled, raising yields to 4.65% from Friday’s 4.51%. Treasury prices and yields move in opposite directions.

Oil prices ducked 97 cents to $84.69 U.S. a barrel.

Gold prices dulled $9.70 to $2,364.40 U.S. an ounce.

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