TSX and Nasdaq rally as Saudis make surprise oil cuts
Consumer staples and tech lifted the TSX up 1% past over 15,000 points. Food producer, Premium Brands Holdings, announced their Q1 revenue YOY soared 20% and investors rewarded the stock with a 12.57% spike. Shopify continued to march upward, rallying 6.16%.
Though oil stocks declined on Monday, a barrel of WCS rose over 3% past $21 after the Saudis made a surprise cut of one million barrels a day on top of OPEC’s existing historic cuts. The energy crisis has devastated their kingdom and they announced austerity measures. Meanwhile, Ottawa announced last-resort loans to businesses on Monday, though the Tory opposition complained that it doesn’t rescue the battered oil sector of western Canada.
South of the border was a mixed picture. The Dow closed -0.45% and the S&P was flat, but the Nasdaq climbed 0.78% after a six-day winning streak. The Dow closed 13% below its record high. Tech and healthcare were up, but financials and industrials were down. AMD rose 4.79%, Gilead Sciences which has been making headlines with its treatment, rallied 4.27%, but Coty, which makes beauty products, announced a Q3 earning miss and declining sales. It plunged over 8%.