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Precision Drilling Corp(PD-T)
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Toronto Stocks End Positive

Baystreet - Mon Jul 18, 2022
Stocks in Toronto closed higher to start the week lead by gains in the Energy and Health-care sectors.

The S&P/TSX gained 201.17 points to 18,595.62.

The Canadian dollar added 0.17 cents to 77.04 cents U.S.

Precision Drilling Corp. climbed 9.02 percent after it signed a deal to buy the Canadian well servicing business of High Arctic Energy Services Inc. for $38.2 million in cash.

Canada Mortgage and Housing Corp. says the annual pace of housing starts in June slowed compared with May. The national housing agency says the seasonally adjusted annual rate of housing starts came in at 273,841 units for June, down three per cent from 282,188 in May.

ON BAYSTREET

The TSX Venture Exchange was ahead 12.77 points to 597.20.

Nine of 12 TSX subgroups were higher led by a 3.57 percent gain in Energy followed by a 1.99 percent rise in Health-care stocks and a 1.45 percent jump in Real-Estate issues.

On the downside, Consumer Staples were off 0.76 percent, Utilities shed 0.25 percent and Gold stocks were off 0.03 percent.

ON WALLSTREET

A warning that Apple plans to slow spending and hiring growth next year turned stocks lower Monday despite better-than-expected earnings from Goldman Sachs and a big aircraft sale from Boeing.

The Dow Jones Industrial Average lost 215.65 points, or 0.69 percent, to 31,072.61 — accelerating losses in the final hour of trading and erasing a 356 point jump earlier in the day. The S&P 500 fell 0.84 percent to 3,830.85. The Nasdaq Composite declined 0.81 percent to 11,360.05

A report from Bloomberg suggested Apple Inc. will throttle back spending and hiring in some of its business divisions in its coming fiscal year, which begins in October.

Goldman Sachs posted earnings and revenue that easily beat expectations, reporting that the firm’s fixed income traders generated about $700 million more revenue than expected. Shares popped 2.51 percent.

Meanwhile, Boeing shares fell on news that Delta Air Lines was buying 100 737 Max 10 planes. Shares of Delta jumped about 3.5 percent.

The August gold contract was up US$6.60 at US$1,710.20 an ounce.

Brent crude contracts for September, the global pricing benchmark, rose $1.81 to $97.59 per barrel.


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