Canada's Stocks Gained as Oil and Gas, Software, Banks Rally
Canada's stocks advanced amid a rally in oil & gas, banks, software, transportation and telecommunication services.
The $S&P/TSX Composite Index (.SPTSX.CA)$ gained 0.3% to close at 21,871.96, while the blue-chip $S&P/TSX 60 Index (.TX60.CA)$ rose 0.45% to 1,313.41.
About 724 stocks advanced, while 1,39 declined, data tracked by moomoo showed. $Suncor Energy Inc (SU.CA)$ and $Cenovus Energy Inc (CVE.CA)$ were among the biggest gainers in the oil & gas industry after the recent rally in commodities improved companies' earnings prospects.
In the banking sector, the rally was led by $Royal Bank of Canada (RY.CA)$ , $Bank of Montreal (BMO.CA)$ and $The Toronto-Dominion Bank (TD.CA)$.
Metals & mining stocks retreated led by $Newmont Corp (NGT.CA)$, $Barrick Gold Corp (ABX.CA)$ and $Agnico Eagle (AEM.US)$ as gold declined. The precious metal pulled back after five weekly gains that sent prices to a new record. Tensions between Israel and Iran eased, weakening the case for owning haven assets.
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Former editor at Bloomberg, ex-commentary editor at Lazard. Posts aren’t investment advice. Views are just mine.
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