Stocks Hold Own at Noon

Canada's main stock index edged higher on Monday, buoyed by gains in banks and industrial stocks as investors were relieved that Washington struck a tentative debt ceiling deal over the weekend.

The TSX gained 34.94 points to pause for lunch Monday at 19,995.25.

Fire & Flower Holdings tumbled 38 cents, or 44.7%, to its all-time low of 47 cents, after brokerage ATB Capital Markets turned bearish on the drug retailer.

Canadian equities have thus far notched five straight weeks of losses, as a mixed bag of bank earnings, a rebound in inflation and a weakening outlook for commodities kept investors away from riskier assets.

Among other movers, Onex Corp was up 86 cents, or 1.4%, to $63.06 after the group's WestJet Airlines and a pilots' union reached a tentative agreement where pilots of the airline will get a 24% hourly raise over four years, plus other pay and benefits.

Mountain Valley natural gas pipeline, co-owned by AltaGas and other U.S. firms, could win federal approval in the United States as part of the debt limit deal, sending shares of the utilities firm up 76 cents, or 3.3%, to $23.59.

Oil prices dropped 11 cents to $72.56 U.S. a barrel.

Gold prices gained $1.50 to $1,964.60 U.S. an ounce.

ON BAYSTREET

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The TSX Venture Exchange gained 3.6 points to 607.69.

Eight of the 12 TSX subgroups gained ground midday Monday, with health-care surging 0.9%, real-estate up 0.5% and industrials ahead 0.3%.

The four laggards were weighed by consumer discretionary stocks, down 0.6%, and consumer staples, lower by 0.5%, and communications, off 0.2%.

ON WALLSTREET

U.S. markets are shuttered for Memorial Day