TSX Hikes In First Hour

(MENAFN- Baystreet)

Canada’s main stock index opened upward on Monday with optimism from Wall Street and a pullback in oil prices, despite the ongoing conflict in the Middle East, on track to lift broader risk appetite.
The TSX hiked 322 points, or 0.7%, to open Monday at 32,864
The dollar regained 0.30 cents to 73.22 cents U.S.
Brokerage Jefferies raised its price targets across several Canadian energy companies, including Cenovus, Suncor and Canadian Natural Resources, reflecting improved cash-flow expectations and firmer commodity assumptions.
Shares in Cenovus hiked 29 cents to $32.14, while Suncor captured 36 cents to $81.29, and Natural Resources gained 14 cents to $66.65
Macroeconomic news is plentiful Monday, with housing starts increasing by 0.4% in February with 256,005 units from January’s 238,000.
In January, 114,415 new motor vehicles were sold in Canada, a decrease of 5.6% from January 2025. In dollar terms, sales decreased 6.1% in January 2026 compared with one year earlier. Over the same period, sales of new passenger cars fell by 18.2%, while sales of new trucks saw a smaller decline of 3.9%.
The consumer price index registered at rose 1.8% year over year in February, down from an increase of 2.3% in January. On a seasonally adjusted monthly basis, the CPI rose 0.1% in February.
ON BAYSTREET
The TSX Venture Exchange recaptured 4.33 points to 1,022.44.
All but one of the 12 TSX subgroups improved, led by gold, up 2%, information technology, better by 1.9%, and real-estate, up 1.6%.
Only energy shrank, and 0.3% at that.
ON WALLSTREET
Stocks rose on Monday, while oil prices pulled back as Wall Street tried to recover from another losing week, with investors monitoring the latest developments of the Iran war.
The Dow Jones Industrials popped 510.33 points, or 1.1%, to 47,067.86
The S&P 500 index recovered 77.06 points, or 1.2%, to 6,709.25.
The NASDAQ grabbed 290.01 points to 22,395.46.
In Monday trading, WTI crude traded 3% lower at just below $95 a barrel. It traded above $100 per barrel overnight. Brent crude fell more than 1% to around $101 a barrel.
Oil prices declined after Treasury Secretary Scott Bessent told the media Monday that the U.S. is allowing Iranian oil tankers pass through the Strait of Hormuz. Also aiding the move out of oil was a Wall Street Journal report stating that the U.S. will announce soon a coalition of countries to escort ships through the Strait, citing officials.
President Donald Trump ordered on Friday strikes on Iran military assets located on Kharg Island. While the attack didn’t impact oil infrastructure, Trump said the U.S. would consider hitting those structures if Iran continues to block the Strait.
Trump also told NBC over the weekend that Iran wants to make a deal, but he is not ready yet.
Prices for the 10-year Treasury climbed, lowering yields to 4.23% from Friday’s 4.29%. Treasury prices and yields move in opposite directions.
Oil prices slumped $4.66 to $94.08 U.S. a barrel.
Gold prices sank $28.20 to $5,033.50 U.S. an ounce.

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