Gains in the influential energy and financials sectors pushed the TSX into positive territory today.
Canada’s stock exchange nearly hit triple digits, gaining 98 points with eight of 11 sectors in the green.
Energy stocks jumped to start the week with Enbridge rising 2.9 percent and Canadian Natural Resources Ltd. moving 2.4 percent higher.
Organic cannabis producer Green Organic Dutchman was the most heavily traded stock on the TSX and spiked 21 percent.
Manulife Financial led the financials sector by moving up 5.9 percent, after the company announced three major transactions on its legacy businesses that will release over $1 billion of capital.
Comments from Bank of Canada governor Stephen Poloz also lifted investor sentiment on the TSX.
Poloz pushed back at critics who say the BoC – which has implemented five rate hikes since mid-2017 – is being too optimistic about the country’s economic outlook, saying markets are showing ‘welcome signs of normalization.’
Oil prices edged lower, despite U.S. sanctions against Iran kicking off today.
The U.S. softened its stance, granting eight buyers waivers so they can continue to purchase Iranian crude, which helped erase earlier gains as oil dropped 46 cents to $62.68 US a barrel.
In New York, the Dow rose 190 points on the backs of gains in the financials and energy sectors.
Leading energy was a 3.6 percent jump in Chevron’s stock.
It was also a good day for the consumer sector with Home Depot, Walmart, McDonald’s, Nike, and Coca Cola moving up.
However, it was a rough day for tech stocks and it reflected in a 28 point drop in the Nasdaq.
Apple’s stock spiraled again, down 2.8 percent after Rosenblatt Securities cut the tech giant’s rating from neutral to buy.
Micron, Tesla, and Facebook also fell into the red today.
Gold lost 20 cents to $1,233 an ounce while the loonie was flat, finishing the day at $0.7629 US.