TSX breaks another record on MLK holiday
As U.S. markets closed in honour of Martin Luther King, Jr. on Monday, the TSX inched up 0.22% to close just below 17,600 and set another new high. Materials led the charge, followed by industrial and tech stocks. Gold stocks, such as Argonaut which rose nearly 6%, continued to march upward, as did cannabis with Cannabis surging 2.61%. Ballard Power Systems is emerging as a dark horse on the Toronto exchange, rising 3.49%.
The fuel cell producer, which pays no dividend, has rocketed up 290% in the past 12 months. Elsewhere, Lightspeed (aka Shopify, Jr.) rallied 1.58% and Cargojet enjoyed a 1.31% rise. Crude and especially gold were up in Monday’s trading.
News will dominate the markets this week, and again with a China angle. All eyes will be on Vancouver for the extradition hearing of Huawei executive, Meng Wanzhou, accused of breaking American economic sanctions imposed on Iran. After-hours Tuesday, U.S. earnings season will continue with the latest quarterlies from Netflix and Texas Instruments. U.S. futures were essentially flat when the TSX closed on Monday.