The Canadian main stock index saw minimal movement on Monday, with positive performance in the energy and gold sectors offset by underperformance in the financial and industrial sectors. This led to a mixed performance on the TSX, along with declines in health care and telecom shares.
Last week’s interest rate cut generated optimism and drove stocks to new record highs. This positive momentum followed a strong week on Wall Street, fueled by the U.S. Federal Reserve’s decision to cut interest rates by 50 basis points, marking its first cut in four years.
The Canadian dollar was trading at 74.03 cents U.S. compared to 73.74 cents U.S. on Friday. U.S. crude futures were down $0.46 at $70.54 a barrel, while the Brent contract lost $0.44 to $74.05 a barrel. The price of gold rose by US$6.24 to reach US$2,626.49.
In global markets, the Nikkei remained at 37,723.91, the Hang Seng dipped by 11.46 points to 18,247.11, the FTSE increased by 26.77 points to 8,256.76, and the DAX rose by 108.48 points to 18,828.49.
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