Stocks in Canada’s largest centre followed up Monday on the spurt they showed Friday, as gold and materials provided much of the momentum.
The TSX Composite Index hiked 231.11 points to end Monday at 24,785.11.
The Canadian dollar increased in price 0.43 cents to 70.02 cents U.S.
Focus is now on the U.S. Fed’s interest rate decision on Wednesday.
Metals topped the list in terms of winners, as B2Gold jumped 35 cents, or 8.2%, to $4.61, while Kinross Gold muscled up 44 cents, or 2.6%, to $17.14.
K92 Mining added 70 cents, or 6.4%, to $11.58, while First Majestic Silver soared 58 cents, or 5.8%, to $10.12.
In the energy field, Athabasca Oil captured 15 cents, or 3%, to $5.19, while Terravest Capital exploded $21.99, or 20.2%, to $130.70.
Traders widely expect the Fed to keep rates on hold, but they will look for policymakers’ comments about the central bank’s policy outlook amid concerns that economic growth could be hit by the trade war.
The Organization for Economic Cooperation and Development on Monday forecast that tariff hikes will drag down growth in Canada, Mexico and the United States while driving up inflation, forcing central banks to keep interest rates higher for longer.
On the economic stage, Statistics Canada told us foreign investors acquired $7.9 billion of Canadian securities in January, led by the highest monthly investment in the Canadian bond market since April 2020.
Meanwhile, Canadian investors reduced their holdings of foreign securities by $3.2 billion, mainly of U.S. equity securities.
Housing starts totaled 229,000 in February, compared to 239,000 in the prior-year month.
Elsewhere, the Canadian Real Estate Association report of MLS listing for February showed national home sales dropped 9.8% month-over-month. Actual (not seasonally adjusted) monthly activity came in 10.4% below February 2024.
ON BAYSTREET
The TSX Venture Exchange scaled higher 9.38 points, or 1.5%, to 630.51.
All 12 TSX subgroups were still buoyant by the close Monday, with gold and materials each climbing 1.6%, while energy gushed 1.4%.
ON WALLSTREET
Stocks rose on Monday, building on their comeback from a four-week rout on Wall Street exacerbated by President Donald Trump’s chaotic tariff policy rollout and falling consumer confidence.
The Dow Jones Industrials overwhelmed the breakeven point 353.45 points to 41,841.63, bolstered by gains in Walmart and International Business Machines
The S&P 500 gained 36.19 points to 5,675.12.
The NASDAQ reclaimed positive ground by the closing bell, finishing ahead 54.58 points to 17,808.67.
Helping sentiment was the February retail sales report, as traders breathed a sigh of relief that the figures weren’t worse. Retail sales increased 0.2% on the month, below the Dow Jones estimate for a 0.6% increase, according to the advanced reading Monday from the Commerce Department. But excluding autos, the increase was 0.3%, which was in line with economists’ expectations.
Prices for the 10-year Treasury eked higher Monday, lowering yields to 4.30% from Friday’s 4.32%. Treasury prices and yields move in opposite directions.
Oil prices added 35 cents to $67.53 U.S. a barrel.
Prices for gold regained seven dollars an ounce to $3,008.10 U.S.
