Advertisement

TSX Kicks off Final Week of August in Style


Rogers, Algoma in Focus

Equities in Canada’s largest centre had a very successful start to the last week of August, powered by resource issues.

The TSX climbed 186.96 points to end Monday at 20,022.71.

The Canadian dollar dipped 0.02 cents to 73.51 cents U.S.

Materials proved the strongest of the bunch Monday, with Algoma Steel ahead 39 cents, or 4%, to $10.13, while MAG Silver taking on 52 cents, or 3.5%, to $15.44.

Gold shone brighter, particularly Novagold, gaining 32 cents, or 5.9%, to $5.75, while Wesdome Gold captured 42 cents, or 5.4%, to $8.18.

In communications, Rogers climbed $1.26, or 2.4%, to $54.67, while BCE took on 89 cents, or 1.6%, to $87.21.

ADVERTISEMENT

Among consumer staples which caved Monday, Alimentation Couche-Tard lost $1.21, or 1.7%, to $70.08, while Saputo Inc. slid 19 cents to $28.67.

ON BAYSTREET

The TSX Venture Exchange acquired 2.41 points to 583.64.

All but one of the 12 TSX subgroups gained ground Monday, with materials surging 2.1%, and gold soaring 1.9%, and communications clicking higher 1.6%.

Only consumer staples missed out, down 0.4%.

ON WALLSTREET

Stocks rose Monday to kick off the final trading week of August, with Wall Street looking to regain ground after a month of losses.

Read:

The Dow Jones Industrials popped 213.18 points to 34,560.08.

The S&P 500 index hiked 27.6 points to 4,433.31.

The NASDAQ index spiked 114.49 points to 13,705.13.

All three indexes have lost ground in August, with the S&P 500 shedding 3.4%, while the NASDAQ has slipped 4.5%, and Dow faded 2.6%
Meta and Apple traded slightly higher, while Nvidia added 2%. Shares of electric vehicle giant Tesla were trading near the flatline.

Outside of tech, Shares of 3M popped 5% after a Bloomberg News report that the company was ready to settle lawsuits alleging some earplugs were faulty. Energy, industrial and real estate were the best-performing S&P 500 sectors.

Stocks are coming off a winning session following fresh remarks from Federal Reserve Chair Jerome Powell. On Friday, Powell pointed to some signs of continued economic growth and strong consumer spending, but indicated that the central bank would “proceed carefully” with additional hikes.

As of Monday morning, traders were pricing in a nearly 20% chance that the Fed will hike rates again at its upcoming September meeting, according to CME Group’s FedWatch tool.

Prices for the 10-year Treasury gained a bit, lowering yields to 4.21% from Friday’s 4.23%. Treasury prices and yields move in opposite directions.

Oil prices moved higher 27 cents to $80.10 U.S. a barrel.

Gold prices gained $7.60 to $1,974.50 U.S. an ounce.