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Small Jump Foreseen for TSX Monday

Baystreet - Mon Apr 15, 7:37AM CDT
Futures for Canada's main stock index inched up on Monday, supported by rising gold prices, after it logged its worst day in nearly two months in the previous session.

The TSX Composite dumped 209.89 points, or 1%, to close Friday trading at 21,900.22. On the week, the index tumbled 364 points, or 1.64%, in its biggest decline since February, as investors took stock of recent gains and the risk of a wider conflict in the Middle East.

June futures jumped 0.2% Monday.

The Canadian dollar eked up 0.08 cents to 72.76 cents U.S.

In Canadian corporate news, proxy advisory firms ISS and Glass Lewis have recommended investors in Rogers Communications to vote against reappointing Chairman Edward Rogers due to lack of enough women on the company's board, Bloomberg News reported on Friday.

On the economic slate, the Canadian Real Estate Association issued its report for March. National home sales edged up 0.5% month-over-month in March. Actual (not seasonally adjusted) monthly activity came in 1.7% above March 2023.

Manufacturing sales increased 0.7% in February, led by the petroleum and coal product subsector as well as the electrical equipment, appliance and component subsector. The chemical subsector posted the largest decline.

Wholesale sales (excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain) were essentially unchanged (+0.0%), at $82.2 billion in February.

ON BAYSTREET

The TSX Venture Exchange erased 3.57 points to 587.71, but still hung onto weekly gains of 3.4 points, or 0.58%.

ON WALLSTREET

U.S. stock futures rose on Monday, rebounding from last week’s sell-off following strong Goldman Sachs earnings and hopes that the conflict in the Middle East won’t further escalate.

Futures for the Dow Jones Industrials index vaulted 206 points, or 0.5%, to 38,446.

Futures for the S&P 500 were up 27.5 points, or 0.3%, to 5,228.50.

Futures for the NASDAQ Composite bounced 112.5 points, or 0.6%, to 18,291.75.

The Dow fell more than 2%, marking its second down week in a row and biggest lost since March 2023. After posting its largest drop since January on Friday, the S&P 500 ended the week lower by about 1.5% — its worst performance since October 2023.

Goldman Sachs popped more than 3% in pre-market trading after beating Wall Street expectations on both lines in the first quarter. That follows several bank reports on Friday, with investors sending JPMorgan shares 6% lower amid concerns about what the financial giant may generate from lending in the year ahead.

Iran launched drones and missiles on Israel on Saturday night, marking the first direct attack on Israel from Iranian territory. While the majority of the threats were intercepted, concerns of retaliation remain.

In Japan, the Nikkei 225 decreased 0.7% Monday, while in Hong Kong, the Hang Seng slumped 0.7%.

Oil prices ditched 64 cents to $85.02 U.S. a barrel.

Gold prices gained $1.50 to $2,375.60 U.S. an ounce.

Provided Content: Content provided by Baystreet. The Globe and Mail was not involved, and material was not reviewed prior to publication.

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