Baystreet.ca - Equities in Toronto started the week right, with resource stocks powering gains on both major indices in Canada’s largest marketplace.
The TSX Composite Index climbed 87.63 points to conclude Monday at 22,398.93.
The Canadian dollar faded 0.04 cents to 72.76 cents U.S.
In corporate news, South Africa-based gold producer Gold Fields Ltd agreed to buy Osisko Mining (TSX:OSK) for about $2.16 billion on a fully-diluted basis. Osisko shares rocketed $1.85, or 62.9%, to $4.79.
Meanwhile, gold miner Barrick Gold (NYSE:GOLD) edged past Wall Street estimates for second-quarter profit. Barrick shares ballooned $2.09, or 8.7%, to $26.00. Iamgold picked up 62 cents, or 10.6%, to $6.48.
Energy issues also performed well, with Advantage Oil ahead 66 cents, or 7.5%, to $9.51, while Kelt Exploration gained 47 cents, or 8.4%, to $6.09.
No such luck for tech stocks, as Kinaxis (TSX:KXS) settled $5.80, or 3.8%, to $148.91, while Dye & Durham ditched 38 cents, or 3%, to $12.39.
In real-estate, Storagevault slumped 38 cents, or 3%, to $4.43, while units of Allied Properties REIT (TSX:AP_u), skidded 30 cents, or 1.8%, to $16.50.
In the utilities sector, Algonquin Power (TSX:AQN) hesitated 32 cents, or 4.3%, to $7.10, while Innergex (TSX:INE) Energy shed 17 cents, or 1.8%, to $9.46.
On matters economic beat, Statistics Canada reported building permits in Canada decreased 13.9% to $9.9 billion in June.
ON BAYSTREET
The TSX Venture Exchange restored 2.88 points to finish Monday at 540.47.
Still, eight of the 12 TSX subgroups lost ground, weighed most by information technology, down 1.2%, real-estate, faltering 0.7%, and utilities, off 0.5%.
The four gainers gained big Monday, most notably gold, up 3.5%, materials, better by 3.4%, and energy, bursting ahead 3.1%.
ON WALLSTREET
Stocks seesawed Monday, but managed to maintain the momentum from late last week, as investors braced for key inflation data.
The Dow Jones Industrial index withered 140.53 points to 39,367.01.
The S&P 500 index eked up 0.23 points to 5,344.39.
The NASDAQ progressed 35.31 points to 16,780.61. Shares of Nvidia (NASDAQ:NVDA) advanced 4% to help the NASDAQ’s climb. Peer technology stocks Microsoft (NASDAQ:MSFT) and Apple (NASDAQ:AAPL) were both were marginally higher.
Wall Street is also watching for the July producer price index report on Tuesday. July retail sales are also due out Thursday.
The forthcoming batch of inflation data will be key for markets that remain jittery following increased volatility. Wednesday’s consumer price index report for July will be a pivotal cue as to whether the economy remains sound, or if investors will remain uneasy following July’s weak non-farm payrolls report which contributed to the recent selloff.
Prices for the 10-year Treasury gained ground Monday, lowering yields to 3.91% from Friday’s 3.94%. Treasury prices and yields move in opposite directions.
Oil prices marched ahead $2.81 at $79.65 U.S. a barrel.
Gold prices were better by $37.90 to $2,503.10.