TSX Soars as Tech Gains Fuel Monday Rally
Canada's main stock index, the TSX, opened higher on Monday, driven by gains in technology and consumer discretionary shares. The index rose 186.56 points to start the week at 35,555.66.
The Canadian dollar remained steady at 70.92 cents US. Oil prices declined after a pause in fighting between Washington and Tehran over the weekend, with Brent Crude futures slipping over 7% and West Texas Intermediate Crude shedding 6.9%. The oil price drop boosted risk appetite and lifted sentiment.
Investors are waiting for corporate earnings results from companies such as Celestica Inc and Gibson Energy. Celestica shares fell $9.79, or 2.3%, to $420.28, while those for Gibson shed 53 cents, or 1.7%, to $30.58.
On the trade front, Canada and the United Arab Emirates concluded negotiations on Friday, paving the way for an agreement that would help Ottawa diversify trade beyond the US and boost non-oil exports in the Gulf nation.