May 29, 2023

DS Duke

Global Business In World

Indexes Stage Massive Comeback

3 min read
Stocks across North America emerged from the shadow of last week’s big selloff – in...

Stocks across North America emerged from the shadow of last week’s big selloff – in a huge way – on the strength of energy and health-care issues.

The TSX Composite index remained higher 156.77 points to conclude business Monday at 20,156.36.

The Canadian dollar picked up 0.57 cents to 80.90 cents U.S.

Crescent Point Energy led a contingent of energy-based companies with a gain of 46 cents, or 8.8{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}, to $9.36, while MEG Energy enjoyed a jump of 71 cents, or 8.2{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d} to $9.306 after BMO raised its price target on the stock.

In health-care, Trillium Pharmaceuticals picked up 41 cents, or 3.4{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}, to $12.59, while Aurinia Pharmaceuticals stormed higher 51 cents, or 3.2{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}, to $16.55.

In resource stocks, Ero Copper jumped 72 cents, or 3.1{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}, to $24.23, while Labrador Iron Ore Royalty popped $1.81, or 3.9{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}, to $47.76.

In consumer staples, Alimentation Couche-Tard subsided $1.36, or 3{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}, to $43.32, while Empire Company dropped 28 cents to $41.50.

In utilities Brookfield Infra Pattners faded $1.28, or 1.9{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}, to $67.21, while Brookfield Renewable Partners docked 41 cents to $47.18.

With fiscal spending booming and households flush with cash, investors are betting that the Bank of Canada’s next tightening cycle, expected to begin in 2022, will result in interest rates climbing above the previous peak for the first time in decades.


The TSX Venture Exchange dropped 4.9 points to 941.93.

All but two of the 12 TSX subgroups were up throughout the session, led by energy, ahead 4.8{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}, health-care issues, up 1.3{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}, and materials, stronger 1.2{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}.

The two laggards were in consumer staples, falling 0.5{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}, while utilities sank 0.4{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}.


U.S. stocks climbed on Monday as the market recouped some of the steep losses caused by the Federal Reserve’s policy shift.

The Dow Jones Industrials sprang back to life Monday, jumping 586.89 points, or 1.8{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}, to finish at 33,876.97, rebounding from its worst week since October.

The S&P 500 recouped 58.34 points, or 1.4{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}, to 4,224.79,

The NASDAQ restocked 111.1 points to 14,141.48, as some key tech names including Amazon, Tesla Nvidia and Netflix registered losses.

Commodity stocks that were hit hard last week led the market comeback on Monday as the S&P 500 energy sector rallied 4.3{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}. Devon Energy and Occidental Petroleum jumped nearly 7{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d} each.

Reopening plays including Norwegian Cruise Line and Boeing both climbing more than 3{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}. Banks including JPMorgan, Bank of America and Goldman Sachs also rebounded.

Prices for 10-Year Treasurys stumbled, raising yields to 1.49{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d} from Friday’s 1.44{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}. Treasury prices and yields move in opposite directions.

Oil prices gained $1.90 to $73.54 U.S. a barrel.

Gold prices soared $14.00 to $1,783.00 U.S. an ounce.

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