TSX Ekes out Gain to Start Week

Equities in Toronto took some time to find their footing Monday, but eventually found their way into the positive range on renewed strength in consumer staples shares/

The TSX Composite Index squeezed out a gain of 17.36 points to finish Monday at 27,922.85.

The Canadian dollar inched ahead 0.05 cents to 72.44 cents U.S.

Though the final tally was positive, health-care led the majority of subgroups in negative territory, with Bausch Health Company subsiding 44 cents, or 3.8%, to $11.08, while shares in Sienna Senior Living dipped 13 cents to $18.26.

In energy, Terravest dropped $1.71, or 1.2%, to $137.25, while Arc Resources slid 23 cents to $26.82.

In materials, First Quantum Minerals backpedaled 39 cents, or 1.7%, to $23.24, while Labrador Iron Ore Royalties gave up 40 cents, or 1.5%, to $26.81.

Consumer staples led the index back up, with North West Company shares charging up $1.14, or 2.3%, to $51.65, while Metro took on $1.81, or 1.8%, to $100.93.

In the consumer discretionary section, BRP Inc. gained $2.10, or 2.7%, to $80.31, while Dollarama took on $4.68, or 2.4%, to $196.99.

In tech stocks, Bitfarms hiked 16 cents, or 9.1%, to $1.92, while BlackBerry gained 16 cents, or 3.2%, to $5.19.

On the macroeconomic page, Canada Mortgage and Housing Corporation reported the six-month trend in housing starts increased 3.7% to 263,088 units in July.

Elsewhere, Statistics Canada reported foreign investors added $709 million of Canadian securities to their holdings in June, the first investment since January.

Meanwhile, Canadian investors acquired $9 billion of foreign securities, led by purchases of U.S. shares and non-U.S. bonds.

ON BAYSTREET

The TSX Venture Exchange scaled back 1.69 points by the close Monday to 789.08.

Seven of the 12 TSX subgroups were lower as the closing bell sounded, health-care stepped back 1.6%, while energy and materials each faltered 0.4%.

The five gainers were led by consumer staples, climbing 1.4%, while consumer discretionary stocks took on 0.9%, and information technology gained 0.3%.

ON WALLSTREET

The major averages ended Monday near flat after posting a winning week. Traders awaited key retail earnings and Federal Reserve Chair Jerome Powell’s annual speech at the central bank’s Jackson Hole summit.

The Dow Jones Industrial Average subtracted 34.3 points to 44,911.82.

The S&P 500 index sagged 0.65 points to 6,449.15.

The NASDAQ forged out a gain of 6.98 points to 21,629.77.

Shares of Meta Platforms and Microsoft dropped about 2.3% and 0.6%, weighing on the broader market.

Investors this week will parse through financial results from big-box retailers, including Home Depot, Lowe’s, Walmart and Target, for clues about the health of the U.S. consumer. Concerns about elevated valuations, tariffs and moderating job growth remain top-of-mind for market participants heading into the back half of the year.

The Fed will also continue to be in focus this week as central bank members travel to Jackson Hole, Wyoming, for the annual economic policy symposium.

Investors will be monitoring the event for clues about the future path of rates. Fed funds futures are pricing in a nearly 85% likelihood that the central bank cuts rates at its next policy meeting in September

Prices for 10-year Treasury lost ground Thursday, raising yields to 4.34% from Friday’s 4.32%. Treasury prices and yields move in opposite directions.

Oil prices gained 55 cents to $63.35 U.S. a barrel.

Gold prices decreased $4.70 at $3,377.90 U.S. an ounce.