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TSX slips higher as tech gains offset losses in energy and financials
The S&P/TSX Composite ended at 35,518.5, up 0.04%, after investors balanced technology strength against declines in energy and financials amid elevated bond-market stress.
Canada's main stock index inched higher on Monday as technology shares gained, offsetting declines in energy and financials. Investors also weighed concerns around consolidation in Canada's oil sands sector and the recent selloff in global bonds, according to LiveMint Markets citing Reuters.
The Toronto Stock Exchange's S&P/TSX Composite Index rose 15.9 points, or 0.04%, to close at 35,518.55. The move added to a nearly 1% gain from Friday.
Investors were also focused on borrowing costs that remained near multiyear highs across major economies, with deteriorating public finances, heavy debt issuance, and elevated energy prices cited as pressures on bond markets. LiveMint Markets, citing Reuters, said US stocks rose as well, including a record-high close for the tech-heavy Nasdaq.
Greg Taylor, chief investment officer at PenderFund Capital Management, said big moves in bond markets can signal risk-off in equities, but North American markets continued to hold up. He also attributed the support to investors putting cash that was sitting on the sidelines to work, buying dips.
Latest closeNasdaq Comp. 27,477.31 ▲1.1%