Canadian Stocks Rebound Despite Weak Oil Prices

Canadian stocks opened nearly flat on Monday, but quickly reversed course to trade higher as gains in global equities outweighed weakness in energy shares.

The TSX VIX index ticked up 56.75 points, or 0.16%, at 35,863.40, after opening almost unchanged at 35,795.38.

This move came despite a sharp drop in oil prices, which put pressure on Canada's energy-heavy market. Brent crude futures fell 2.5% to $101.24 a barrel, down from briefly trading around $110 last week.

Investors are looking ahead to comments from Bank of Canada Governor Tiff Macklem for clues on the path for interest rates. Traders are pricing in about a 60% chance of an interest-rate increase at the Bank of Canada's October meeting.