Strength in the base metal stocks helped lift Canada’s main stock index up on Monday. Gains from the energy and telecommunication sectors also supported the TSX as did the financial sector, which accounts for nearly 30 per cent of the index, added 0.5 per cent with top banks rising 0.4 per cent, as investors took stock of an emergency weekend rescue of Credit Suisse.
Shares of Credit Suisse tumbled more than 50 per cent, while UBS Group stock gained 3.3 per cent. US stock markets also gained as traders keep an eye on the Federal Reserve’s rate-hike resolution later this week. Economists expect a 0.25-percentage-point rise.
Today in the Markets
The Canadian dollar traded for 73.16 cents US, compared to 72.83 cents US on Friday.
US crude futures traded $0.77 higher at $67.51 a barrel, and the Brent contract gained $0.77 to $73.74 a barrel.
The price of gold was up 4.81 to US$1,981.65.
In world markets, the Nikkei was down 388.12 points to 26,945.67, the Hang Seng was down 517.88 points to 19,000.71, the FTSE was up 64.20 points to 7,399.60, and the DAX was up 165.18 points to 14,933.38.
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