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Equities came out of their funk in a big way Monday, with all subgroups except energy taking part in the festivities.
The TSX Composite Index popped 245.72 points, or 1.1%, to close Monday at 23,027.15.
The Canadian dollar were unchanged at 73.73 cents U.S.
Methanex slid $4.56, or 7.9%, to $53.04, after the methanol producer agreed to buy Dutch green fuel maker OCI Global’s methanol business for $2.05 billion.
Alimentation Couche-Tard said it was open to engage in talks with Japanese retail giant Seven & i Holdings after the latter rejected former’s $38.5 billion takeover. Couche-Tard shares gathered $1.06, or 1.4%, to $77.92.
Health-care concerns led the parade of gainers, as Tilray picked up 11 cents, or 5%, to $2.31, while Sienna Senior Living collected 22 cents, or 1.4%, to $16.38.
In the financial realm, Brookfield Asset Management leaped $1.84, or 3.3%, to $57.21, while EQB triumphed $2.52, or 2.6%, to $98.52.
In the technology world, Bitfarms gained 18 cents, or 7.4%, to $2.63, while Dye & Durham improved 67 cents, or 5.1%, to $13.92.
Energy stocks held things back, with Africa Oil skidding six cents, or 3.2%, to $1.80, while Nuvista Energy faded 27 cents, or 2.3%, to $11.43.
ON BAYSTREET
The TSX Venture Exchange perked 3.74 points to 548.96.
All but one of the 12 TSX subgroups were stronger, led by health-care, rocketing 1.6%, while financials and information technology each surged 1.4%.
Only energy failed to muster strength, subsiding 0.2%.
ON WALLSTREET
U.S. stocks jumped on Monday after investors bought the dip following Wall Street’s worst week of the year, betting that a likely Federal Reserve rate cut later this month would bolster a slowing economy. Technology shares, among the hardest hit stocks last week, were Monday’s top performers.
The Dow Jones Industrial index leaped 484.18 points, or 1.2%, to end Monday at 40,829.59.
The S&P 500 index regained 62.64 points, or 1.2%, to 5,471.06. It was the benchmark’s first gain in five days.
The NASDAQ climbed 193.77 points, or 1.2%, to 16,884.60, paced by a 3% jump in Nvidia. The AI darling lost 14% last week.
Outside of tech, retailers, banks and industrial shares also mounted a comeback as investors believe a rate cut would give a boost to the
flagging consumer. JPMorgan Chase, Costco, Amazon and Boeing were among the winners on Monday. Palantir and Dell Technologies popped 13.5% and 4.8%, respectively, after S&P Dow Jones Indices said late Friday the stocks will join the S&P 500.
This week, investors will watch out for two key inflation reports that could further inform the Federal Reserve’s decision at its next open market committee meeting. August’s consumer price will see the light of day Wednesday, and the producer price report is slated for release on Thursday morning.
Prices for the 10-year Treasury gained some ground, lowering yields to 3.71% from Friday’s 3.72%. Treasury prices and yields move in opposite directions.
Oil prices took on 89 cents to $68.56 U.S. a barrel.
Gold prices picked up $9.40 to $2,5340.
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