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Markets

TSX gains on firmer materials, upbeat economic data

  • The materials sector, which includes precious and base metals miners and fertilizer companies, added 0.8% as gold futures rose 0.7% to $1,731.9 an ounce.
  • Meanwhile, Canadian Real Estate Association said domestic home sales rose 6.6% in February from the previous month, setting a new all-time record.
Updated 15 Mar, 2021

Canada's main stock index rose on Monday as material shares gained, tracking firmer bullion prices, and upbeat economic data bolstered optimism over an economic rebound.

The materials sector, which includes precious and base metals miners and fertilizer companies, added 0.8% as gold futures rose 0.7% to $1,731.9 an ounce.

Statistics Canada said the nation's factory sales rose 3.1% in January from December and added that domestic producer prices most likely rose by 2.5% in February from January, in a preliminary estimate.

Meanwhile, Canadian Real Estate Association said domestic home sales rose 6.6% in February from the previous month, setting a new all-time record.

At 9:39 a.m. ET (13:39 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 93.54 points, or 0.5%, at 18,944.86.

Adding to the upbeat mood were Rogers Communications Inc and Shaw Communications Inc, the largest percentage gainers on the TSX, up 7.4% and 44.6% respectively, after Roger agreed to buy its rival Shaw for about C$20 billion in cash and stock.

The financials sector gained 0.1%, while industrials rose 0.2%.

On the TSX, 153 issues advanced, while 63 issues declined in a 2.43-to-1 ratio favoring gainers, with 15.69 million shares traded.

Innergex Renewable Energy Inc and Ballard Power Systems Inc fell the most on the TSX, down 2.3% and 2.1% respectively, after brokerage CIBC cut price targets on the renewable power-based stocks.

The most heavily traded shares by volume were Battle North Gold Corporation, Shaw Communications Inc, and ClearStream Energy Services Inc.

The TSX posted 15 new 52-week highs and no new low.

Across Canadian issues, there were 109 new 52-week highs and seven new lows, with total volume of 41.29 million shares.

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