In a broad-based rally driven by the energy sector, the main Canadian equity index closed 167.50 points higher on Monday at 19,028.86. The S&P/TSX Composite Index ended the day higher at 0.8 per cent as the energy sector soared by 2.7 per cent. Meanwhile, the industrials and financial sectors jumped 0.9 per cent and 0.2 per cent.
Despite the positive day on the TSX, North American markets have been volatile over the previous few months as concerns about an impending economic slump grow.
One-year price chart of TSX Composite Index along with SMA 20-day, SMA 30-day, SMA-50-day (July 4). Analysis by © 2022 Kalkine Media®
As the energy sector recorded significant gain during the trading session, Whitecap Resources Inc. (TSX:WCP) recorded the highest volume surge as 6.9 million WCP shares were traded on the Toronto Stock Exchange (TSX).
The price of WCP stock climbed 3.5 per cent and closed at C$ 9.25 per share. Meanwhile, the Toronto-Dominion Bank (TSX:TD) lost its value as TD shares were sold on Monday, and its volume was 6.3 million.
Wall Street Update
The US equities markets were closed on Monday, and on Friday, July 1, the NASDAQ Composite Index gained 0.9 per cent and closed at 11,127.85 points.
The S&P 500 had closed at 3,825.33 points after increasing by 1.06 per cent, and the Dow Industrials recorded a gain of 1.05 per cent to close at 31,097.26 points.
Gold Futures for August delivery increased 0.38 per cent to US$ 1,808.3 per troy ounce in the commodities market. In the meantime, the August delivery price of crude oil increased by two per cent to US$ 110.6 per barrel, and the September Brent oil contract increased by 1.95 per cent to US$ 113.81 per barrel.
CAD/EUR was stable at 0.75, and CAD/USD was flat at 0.15 per cent to 0.78. At 104.97, the US Dollar Index Futures were up 0.06 per cent.