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Slight Gain for TSX Monday
Markets in Toronto made slight gains in early trade on Monday, with its biggest banks and heavyweight energy sector providing support while Eldorado Gold fell sharply after lowering production guidance for a gold mine in Turkey.
The S&P/TSX Composite Index started Monday up 41.53 points at 15,898.75
The Canadian dollar hurtled lower one cent to 79.1 cents U.S.
Eldorado Gold shares lost 41 cents, or 15.2%, to $2.32.
Airbus's coup in buying a $6-billion Canadian jetliner project for a dollar stunned investors and took the spotlight off a growing ethics row last week, but internal disarray has raised questions over how smoothly it can implement the deal.
Hudson's Bay Co. CEO Gerald Storch abruptly resigned on Friday, at a time when the department store company is in the middle of a strategic review and struggling to turn around sales.
Bay shares slid 32 cents, or 2.7%, to $11.64.
RBC starts coverage on WSP Global with an outperform rating and $64.00 price target. WSP shares vaulted $2.33, or 4.4%, to $55.88.
RBC starts coverage on Stantec Inc. with a sector perform rating and $40.00 price target. Stantec shares dipped 21 cents to $35.86.
On the economic beat, Statistics Canada reported that wholesale trade rose 0.5% to $62.8 billion in August, led by the personal and household goods and motor vehicle and parts sub-sectors.
ON BAYSTREET
The TSX Venture Exchange inchead ahead 0.46 points to 789.97
All but three of the 12 TSX subgroups gained in the first hour, with telecoms up 0.6%, health-care and industrials each up 0.4%.
The three laggards were gold, off 0.4%, while utilities sank 0.04%, and materials off 0.02%.
ON WALLSTREET
U.S. stocks hit record highs on Monday as Wall Street geared up for the busiest week of the earnings season.
The Dow Jones Industrials added 34.76 points from Friday’s all-time record to 23,363.39. Home Depot and Nike both rose more than 1% to lead advancers on the 30-stock index.
The S&P 500 improved 0.34 points above Friday’s record close to 2,575.65, with consumer staples and energy leading advancers, both adding to monthly gains. Seagate Technology was the best-performing stock in the index, surging more than 9% on stronger-than-expected earnings.
Hasbro was the worst-performing stock in the S&P 500, falling more than 8% after the company warned of weaker holiday-season sales due to the bankruptcy of its largest customers, Toys 'R' Us.
The NASDAQ dropped 13.36 points from Friday’s record high to 6,615.69, as shares of Amazon, Facebook, and Alphabet all fell.
About a third of the S&P 500 will have reported when the week is over. Companies reporting this week include Dow components 3M, Caterpillar and Boeing. Also reporting this week are Amazon, Alphabet, NBCUniversal-parent Comcast and Twitter.
Earnings season has gotten off to a good start. With 17% of the S&P 500 having reported as of Friday, 76% of companies have beaten earnings expectations and 72% have topped sales estimates
The move to new highs coincides with the strong earnings reports and increased possibilities of tax reform moving forward in the U.S.
The Senate approved a $4-trillion budget measure last week, which enables the Republican-led chamber to pass a tax bill with a simple 51-vote majority in the Senate.
Prices for the benchmark 10-year Treasury note gained slightly, lowering yields to 2.387 from Friday’s 2.38%. Treasury prices and yields move in opposite directions.
Oil prices eked up 24 cents a barrel to $52.08 U.S.
Gold prices retreated $4.80 an ounce to $1,275.70 U.S.
