By Robb M. Stewart
Stocks in Toronto began the week in positive territory, bolstered by progress in the U.S. to raise the government’s debt ceiling.
Gains were broad in midday trading, led by the energy and transportation sectors, which more than offset weakness among technology shares. Markets in the U.S. were closed for a public holiday.
Canada’s S&P/TSX Composite Index was 0.2% higher at 19958.50, while the blue-chip S&P/TSX 60 was ahead 0.2% at 1201.10.
The big banks continued to notch gains in the wake of their second-quarter’s financial results last week, with Toronto-Dominion Bank up 1% at C$79.04 and Bank of Nova Scotia and Royal Bank of Canada each ahead 0.5% to C$67.16 and C$123.72, respectively.
Other market movers:
Canadian Western Bank was 4.8% stronger at C$24.10, recovering from a drop of 5.9% on Friday after the bank’s second-quarter earnings fell short of market expectations, thanks in part to margin pressure and higher-than-anticipated expenses.
Fire & Flower was 45% lower at C$0.47 after the cannabis retailer said it had hired a financial advisor to assist it with reviewing strategic options, including alternatives for financing.
Write to Robb M. Stewart at [email protected]
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