TSX, oil inch up in light holiday trading
With Wall Street closed after Independence Day, the TSX fluttered around break-even for the Monday session to close 0.27% higher. Unsurprisingly, volumes were exceptionally light, but energy stocks continued to roar on signals that OPEC won’t raise crude oil output for at least another month.
Tech and real estate enjoyed more modest gains while consumer staples showed slight weakness. Big movers included Cascades up 6.34%, Cardinal Energy 5.22% and Boston Pizza at 5.09%.
As Canadians vaccination rates catch up to the U.S. and U.K. reopening stocks rallied. Cineplex popped 5.39% and Transat 4.8%. Meanwhile, Fairfax Financial rose 4.14% and Whitecap Resources 3.65%. Underperformers included Intertape Polymer which closed -2.77%, and Aritzia at -2.56%. The price of WTI crude advanced 1.6% to surpass $76 per barrel and WCS rose 0.87% to top $61.
📦 Cascades Inc +6.34%
🛢 Cardinal Energy Ltd +5.22%
🍕 Boston Pizza Royalties +5.09%
🎞 Cineplex Inc +5.39%
🛫 Transat AT Inc. +4.8%
🏛 Fairfax Financial +4.14%
🛢 Whitecap Resources +3.65%
📦 Intertape Polymer Group -2.77%
👗 Aritzia Inc. -2.56%