Markets

Update: TSX Rallies 207 Points, Recovering Some of Last Week's Losses in Broad-Based Advance

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Canada's main stock market rallied on Monday, recovering some of last week's heavy losses in a broad-based advance. The S&P/TSX Composite Index jumped 207 points or 1.4% to close at 15,241. South of the border, the Dow Jones surged around 400 points today following some massive swings last week. The S&P 500 and Nasdaq also posted solid gains, around 1.5% higher.

Nearly all of the TSX sectors closed in the green, paced by a 3% rise in materials as gold and silver prices advanced. Tech shares gained 2.8% while energy and industrials were up around 2%. Financials were up 0.6% while healthcare and utilities were in the red, following a mixed showing among cannabis shares.

In stock news, Restaurant Brands International (QSR.TO) jumped 6% after reporting adjusted diluted EPS of $0.66 for Q4, up from last year's $0.44, and exceeding estimates of $0.57. Shopify (SHOP.TO) gained 7% after Ontario's liquor control board chose the tech company to run its online cannabis sales. Scotiabank (BNS.TO) was up 0.6% after paying $950 million for well-known Montreal-based asset manager Jarislowsky Fraser. Aecon (ARE.TO) was off 2% on reports the federal government will undertake a national security review over plans for the company to be taken over by a Chinese stated-owned conglomerate. Suncor Energy (SU.TO) was off nearly 1% after buying Mocal Energy's 5% interest in the Syncrude joint venture for approximately $920 million. The acquisition will increase Suncor's share in Syncrude to nearly 59%. Heavily traded First Quantum Minerals (FM.TO) was up 5% on rising copper prices .

In economic news, the data and events docket this week is sparse. The December manufacturing report (Friday) is expected to reveal a 0.5% gain in shipment values after the 3.4% surge in November. The Teranet/National HPI for January is due Wednesday, while January existing home sales are due Thursday. BoC Deputy Governor Lawrence Schembri speaks to the Manitoba Association for Business Economics in Winnipeg, also on Thursday.

The Canadian dollar lost about a tenth of a cent to 79.37 US.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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