Jan 13, 2020 (Baystreet.ca via COMTEX) —
Equities in Canada’s largest market edged lower on Monday, as weaker commodity stocks outweighed gains in the technology sector, with the broader market focusing on the fine print of an interim U.S.-China trade deal expected later this week.
The TSX Composite Index aimed toward noon hour down 2.62 points to 17,231.87
The Canadian dollar gained 0.09 cents to 76.62 cents U.S.
The largest percentage gainers on the TSX were Ballard Power Systems, which rose $1.68, or 14.2%, to $13.52, and cannabis firm Hexo, which added 16 cents, or 9.2%, to $1.90.
Corus Entertainment fell 52 cents, or 8.8%, the most on the TSX, to $5.41.
The TSX Venture Exchange slid 7.05 points to 575.30
Eight of the 12 TSX subgroups were down midday as gold trailed Friday’s close by 1.6%, consumer staples lost 0.9%, and energy dipped 0.8%.
The four gainers were led by health-care, sprinting 2.7%, while industrials progressed 0.8%, and information technology moved 0.5% higher.
Stocks traded higher on Monday, resuming the rally that started last week as geopolitical tensions dissipated while investors felt optimistic about U.S.-China trade relations.
The Dow Jones Industrials picked up 57.08 points to 28,880.79.
The S&P 500 increased 14.42 points to 3,279.77
The NASDAQ recovered 55.89 points to 9,234.75, led by Tesla shares.
Tesla shares rose 5.1% after an analyst at Oppenheimer hiked his price target on the stock to $612 per share from $385 per share. The analyst said Tesla’s “risk tolerance … and larger ambition than peers are beginning to pose an existential threat to transportation companies that are unable or unwilling to innovate at a faster pace.”
The stock broke above $500 for the first time ever in early trading.
Goldman Sachs and Cisco Systems rose more than 1%