(RTTNews) - After a weak start and a subsequent fall to lower levels, the Canadian market climbed higher on Monday, lifted by strong gains in technology and energy stocks.
While tech stocks rallied, tracking Nasdaq's gains spearheaded by Oracle, energy stocks moved up thanks to a sharp rise in crude oil prices.
Worries about inflation and growth have resurfaced again after oil prices rose following U.S. President Donald Trump announcing the blockade of maritime traffic to and from Iran through the Strait of Hormuz after U.S.-Iran peace talks over the weekend failed to produce a positive result.
The Canadian benchmark S&P/TSX Composite Index, which recovered to 33,913.48 from an early low of 33,548.01, was up 154.35 points or 0.46% at 33,850.11 a little while ago.
The Information Technology Capped Index climbed 4.3%. Constellation Software gained 6.7%, while Open Text Corporation, Descartes Systems Group, Tecsys, Computer Modelling Group, Lightspeed Commerce, Kinaxis and CGI Inc. gained 4%-5.6%. Docebo, Shopify, Celestica Inc, Enghouse Systems, Firan Technology and Sangoma Technologies also moved up sharply.
Energy stocks Tamarack Valley Energy and Athabasca Oil Corp gained 5% and 4.8%, respectively. Vermilion Energy, Enerflex, Terravest Industris, Baytex Enegy, Parex Resources, International Petroleum Corporation, Birchcliff Energy and Ces Enegy Solutions Corp also closed with strong gains.
MDA Space gained nearly 2% after the company introduced MIDNIGHT, a space control platform for defence organizations to defend and protect their low Earth orbit space assets.
GFL Environmental Inc shares tumbled 8%. GFL and SECURE Waste Infrastructure Corp. have entered into a definitive agreement as per which GFL has agreed to acquire all of the issued and outstanding common shares of SECURE for C$24.75 per share, representing an enterprise value of approximately C$6.4 billion. Shares of Secure Waste Infrastructure climbed about 6.5%.
On the economic front, building permits in Canada decreased to -8.4% (month-on-month) in February from 3.5% in January.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
