Baystreet.ca - Equities in Canada’s largest centre opened higher on Monday, lifted by commodity-linked shares, while investors exercised caution ahead of a data-packed week in the United States
The TSX Composite Index collected 30.46 points to begin the day and the week at 22,341.76.
The Canadian dollar inched up 0.01 cents to 72.78 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 $1.61, or 6.7%, to $25.52On 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 1.82 points Monday to 539.41
Eight of the 12 TSX subgroups were negative in the first hour, though, with real-estate sagging 1%, while consumer staple and utility stocks each dropping 0.7%.
The four gainers were led by gold, shinier 2.5%, materials, up 2.2%, and energy, ahead 1.9%.
ON WALLSTREET
Stocks gyrated on Monday as investors braced for key inflation data — after almost completely reversing its violent market rout last week.
The Dow Jones Industrial index fell 96.94 points to 39,400.66. Shares of Proctor & Gamble and Home Depot (NYSE:HD) fell 2% each and led the Dow lower.
The S&P 500 index picked up 14.1 points to 5,358.26.
The NASDAQ progressed 112.89 points to 16,858.19.
On Friday, all of the major averages rose to end the week but stopped just shy of a full recovery. The Dow finished the week lower by 0.6%, while the S&P 500 ended down just 0.04%, and the tech-heavy NASDAQ Composite finished with a 0.18% loss.
Shares of Nvidia (NASDAQ:NVDA) advanced 2% to help the NASDAQ’s climb. Peer technology stocks Microsoft (NASDAQ:MSFT) and Apple (NASDAQ:AAPL) were both were marginally higher.
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 nonfarm payrolls report which contributed to the recent selloff.
Prices for the 10-year Treasury stayed put at first, Monday, keeping yields at Friday’s 3.94%.
Oil prices marched ahead $1.10 at $77.94 U.S. a barrel.
Gold prices were better $15.00 to $2,488.40.