North American stocks rally, loonie down

Fehr said Monday’s gains, following last week’s losses “is a good reminder that it’s probably not going to be a one-way path either down or up from here.”

Also supporting Monday’s market gains was market data showing a record rebound in U.S. home sales in May and profits at Chinese industrial firms rising for the first time in six months in May.

Boeing shares also got a big lift after the Federal Aviation Administration confirmed that it had approved key certification test flights for the grounded 737 Max.

Shares of Air Canada climbed 4.7 per cent to help the industrials sector.

All 11 major sectors of the TSX gained, led by energy and consumer discretionary.

Higher crude oil and natural gas prices pushed shares of Shawcor Ltd. up 7.3 per cent, Cenovus Energy Inc. up 4.9 per cent, Husky Energy Inc. up 4.6 per cent and Suncor Energy Inc. up nearly four per cent.

The August crude contract rose US$1.21 at US$39.70 per barrel and the August natural gas contract was up 16.5 cents at nearly US$1.71 per mmBTU.

Shopping mall fast food chain MTY Food Group Inc. increased 7.4 per cent to help the consumer discretionary sector.

The heavyweight financials sector rose by nearly one percentage point on gains by the Bank of Nova Scotia and Toronto-Dominion Bank.

Materials rose, with forest-products suppliers Norbord Inc. and Interfor Corp. up 5.8 and 4.7 per cent respectively.

The August gold contract was up 90 cents at US$1,781.20 an ounce and the September copper contract was up 1.35 cents at US$2.69 a pound.

The Canadian dollar traded for 73.09 cents US compared with 73.12 cents US on Friday.

This report by The Canadian Press was first published June 29, 2020.

Companies in this story: (TSX:AC, TSX:SCL, TSX:CVE, TSX:HSE, TSX:SU, TSX:MTY, TSX:BNS, TSX:TD, TSX:OSB, TSX:IFP, TSX:GSPTSE, TSX:CADUSD=X)

By Ross Marowits, The Canadian Press

Bookmark the permalink.

Comments are closed.