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TSX Carves out Gains to Begin Week

Baystreet - Mon Jul 24, 9:39AM CDT
Equities in Canada’s largest centre gained on Monday as technology and energy stocks advanced, while investors looked ahead to an earnings-heavy week and interest rate decisions from major central banks, including the U.S. Federal Reserve.

The TSX added 24.75 points to open Monday and the week at 20,572.26.

The Canadian dollar sprang up 0.25 cents to 75.84 cents U.S.

Canadian earnings season will pick up this week, with Canadian National Railway, Rogers Communications and mining firm Teck Resources being some of the major companies reporting their quarterly results.

CNR shares took on 17 cents to $156.88. Rogers shares advanced 29 cents to $59.57, while Teck shares retreated 30 cents to $55.24.

Among individual stocks, brokerage Moffettnathanson upgraded rating on e-commerce company Shopify to "outperform" from "market perform". Shares in Shopify captured 96 cents, or 1.1%, to $87.67.

Canaccord Genuity raised its price targets on several Canadian banks, including National Bank of Canada, Bank of Montreal and Toronto-Dominion Bank, citing positive U.S. banks earnings last week. National Bank shares zoomed 44 cents to $101.84, while those for BMO gained 37 cents to $123.76, and TD swooned 12 cents to $86.12.

Among individual stocks, TC Energy fell $1.52, or 2.9%, to $50.71 after the company entered into a deal to sell a 40% interest in its Columbia Gas Transmission and Columbia Gulf Transmission pipelines for $5.2 billion.

Nutrien Ltd gained $2.59, or 3.1%, to $87.54, after Wells Fargo upgraded the fertilizer maker's rating to "overweight" from "equal weight".


The TSX Venture Exchange lost 6.39 points, or 1%, Monday to 610.27.

Seven of the 12 TSX subgroups fell back to begin Monday, with gold backtracking 0.7%, health-care down 0.6%, and information technology off 0.2%.

The five gainers were led by energy, up 1%, while communications hiked 0.7%, and real-estate moved forward 0.3%.


The Dow Jones Industrial Average rose Monday, headed for its longest streak of gains since February 2017, to kick off a stacked week of key earnings reports and a major policy decision from the Federal Reserve.

The 30-stock index roared ahead 171.23 points to kick off Monday at 35,398.92.

The S&P 500 added 19.18 points to 4,554.82.

The NASDAQ index hiked 32.07 points to 14,064.88.

Energy stocks led gains in the S&P 500, with the sector up more than 1.7%, after oil and gasoline futures touched a three-month high Monday. Shares of Halliburton were higher by more than 2%, while Devon Energy was up by 1%.

Earnings from some 150 companies in the S&P 500 this week plus the Federal Reserve’s last policy meeting until September could try the recent rally. Investors anticipate the Fed will increase rates by a quarter percentage point at the conclusion of its meeting on Wednesday.

They will be listening to comments by Chair Jerome Powell to get a sense of the central bank’s position on what happens next as it tries to navigate a soft landing for the economy.

Prices for the 10-year Treasury gained slightly, lowering yields to 3.83% from Friday’s 3.84%. Treasury prices and yields move in opposite directions.

Oil prices took on $1.11 to $78.18 U.S. a barrel.

Gold prices fell $6.50 to $1,960.10 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.