Steel shines, stocks edge up
The trading week began with Nippon Steel announcing it will buy U.S. Steel which sent shares of the latter soaring 26.09% and lifting peers such as Cleveland-Cliffs up 9.68%. In Canada, Algoma surged 5.05%. The news helped lift the major indices, with the S&P closing 0.53% higher, the tech-heavy Nasdaq 0.73% to nearly 15,000, though the Dow was flat.
Key non-steel movers were Etsy rallying 4.81%, VF Corp -7.43% and toymaker Hasbro 3.45% just a week before Christmas. The U.S. 10-year yield held around 3.945% as Bitcoin jumped 1.8% to $42,100.
The TSX finished Monday up a consistent 0.43% with most sectors in the green. Discretionary, staples and energy led while utilities was among the few laggards. WTI regained 1.65% to $72.65 a barrel, Suncor, as the most-traded stock, was up 1.81%, followed by CNQ at 1.6%. In contrast, Dundee Precious Metals closed -8.81% and Canada Goose -5.6%.
⛓ Cleveland-Cliffs Inc. (CLF-N) +9.68%
⛓ Algoma Steel Group Inc (ASTL-T) +5.05%
🛍 Etsy Inc. (ETSY-Q) +4.81%
🧦 VF Corporation (VFC-N) -7.43%
🧩 Hasbro Inc (HAS-Q) +3.45%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) +1.8%
🛢 Suncor Energy Inc (SU-T) +1.81%
🛢 Canadian Natural Rsrcs (CNQ-T) +1.6%
⛏ Dundee Precious Metals Inc. (DPM-T) -8.81%
🧣 Canada Goose Holdings (GOOS-T) -5.6%
