Connect with us

Business and Economy

Canadian market surges with largest gain in six weeks

Published

on

After closing last week at a two-week low, Canada's main stock market bounced back with its biggest single-day jump since March 1, as Financial and Energy sectors had the biggest impact on the session. (Photo: Serdar Gurbuz Photography/Flickr)

After closing last week at a two-week low, Canada’s main stock market bounced back with its biggest single-day jump since March 1, as Financial and Energy sectors had the biggest impact on the session. (Photo: Serdar Gurbuz Photography/Flickr)

TORONTO—After closing last week at a two-week low, Canada’s main stock market bounced back with its biggest single-day jump since March 1, as Financial and Energy sectors had the biggest impact on the session.

The Toronto Stock Exchange’s benchmark Standard & Poor’s/TSX Composite rose 149.41 points, or 0.96 percent to begin the week at 15,684.8 points. Nine of the ten sub-groups finished the trading day ahead.

Canadian stocks thrived on Monday after the Chinese government reported a 6.9 percent growth in GDP in the first quarter of the year, surpassing analyst expectations and the 6.5 percent target rate for the year. As a result, the TSX Financial group had the biggest percentage gain on the day, advancing 1.42 percent.

All of Canada’s four largest banks and two largest insurance firms finished the session higher. No. 2 ranked Toronto-Dominion Bank led the way with a 2.05 percent jump to close at 66.20 Canadian dollars (49.72 U.S. dollars), No. 1 ranked Royal Bank of Canada closed the day at 95.92 Canadian dollars (72.04 U.S. dollars), a 1.36 percent jump. Bank of Nova Scotia and Bank of Montreal rounded out the list of banks with ascents of 1.51 percent and 1.17 percent, each.

Manulife Financial Corporation, the largest insurance firm in the country closed 1.50 percent higher, while Sun Life Financial Inc. ended the session at 47.22 Canadian dollars (35.46 U.S. dollars), a 1.14 percent increase.

The TSX Energy group also finish strong, gaining 1.22 percent despite both crude oil and natural gas prices closing lower. Brent for June delivery fell 0.68 percent to 55.36 U.S. dollars a barrel, while May natural gas futures on the on the New York Mercantile Exchange slipped 2.01 percent to 3.162 U.S. dollars per million British thermal units.

Calgary-based Seven Generations Energy Ltd and ACR Resources Ltd led the group with gains of 2.26 percent and 1.75 percent, respectively. Meanwhile, Suncor Energy Inc, the largest producer of crude oil in the country, saw shares rise 1.40 percent to settle at 41.26 Canadian dollars (30.99 U.S. dollars).

The remaining groups to close the day ahead were: Consumer Staples (1.19 percent), Industrials (1.01 percent), Consumer Discretionary (0.96 percent), Information Technology (0.85 percent), Telecommunications (0.72 percent), Utilities (0.42 percent), and Materials (0.02 percent).

The TSX Consumer Staples group, which is made of firms in the food industry, received a lift from supermarket retailers. Nova Scotia-based Empire Company Limited, which owns supermarket chain Sobey’ s, led the group with a 2.34 percent jump. Grocery chain Loblaws Companies Limited and convenient store chain Alimentation Couche-Tard Inc also had an impact, gaining of 1.55 percent and 1.53 percent, apiece.

The lone laggard group on Monday was Health Care, slipping 0.46 percent as a pair of medical marijuana distributors contributed to the group’s demise. Ontario-based Aphria Inc. and Canopy Growth Corporation shares declined 5.13 percent and 3.22 percent, respectively despite the federal government introducing a bill last Thursday to legalize recreational use of the drug by July 2018.

Quebec-based drugmaker ProMetic Life Sciences also had an impact, falling 1.92 percent to 2.04 Canadian dollars (1.53 U.S. dollars) a share.

The Canadian dollar inched up 0.07 cents to close the day at 0.7510 U.S. dollars.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Maria in Vancouver

Lifestyle43 mins ago

Family Estrangement: Why It’s Okay

Family estrangement is the absence of a previously long-standing relationship between family members via emotional or physical distancing to the...

Lifestyle1 month ago

Becoming Your Best Version

By Matter Laurel-Zalko As a woman, I’m constantly evolving. I’m constantly changing towards my better version each year. Actually, I’m...

Lifestyle2 months ago

The True Power of Manifestation

I truly believe in the power of our imagination and that what we believe in our lives is an actual...

Maria in Vancouver3 months ago

DECORATE YOUR HOME 101

By Matte Laurel-Zalko Our home interiors are an insight into our brains and our hearts. It is our own collaboration...

Maria in Vancouver3 months ago

Guide to Planning a Wedding in 2 Months

By Matte Laurel-Zalko Are you recently engaged and find yourself in a bit of a pickle because you and your...

Maria in Vancouver3 months ago

Staying Cool and Stylish this Summer

By Matte Laurel-Zalko I couldn’t agree more when the great late Ella Fitzgerald sang “Summertime and the livin’ is easy.”...

Maria in Vancouver4 months ago

Ageing Gratefully and Joyfully

My 56th trip around the sun is just around the corner! Whew. Wow. Admittedly, I used to be afraid of...

Maria in Vancouver5 months ago

My Love Affair With Pearls

On March 18, 2023, my article, The Power of Pearls was published. In that article, I wrote about the history...

Maria in Vancouver5 months ago

7 Creative Ways to Propose!

Sometime in April 2022, my significant other gave me a heads up: he will be proposing to me on May...

Maria in Vancouver6 months ago

Why Eating Healthy Matters

We are what we eat, so don’t be fast, cheap, easy, or fake — we should take these words to...