On Monday, Canadian stocks displayed a mixed performance as investors anticipate the U.S. Presidential election scheduled for Tuesday and an update from the Federal Reserve on its monetary policy. The energy sector is experiencing a positive surge due to the rise in oil prices.
The S&P/TSX Composite Index, the primary benchmark, has dipped by 30.41 points, corresponding to a 0.13% decrease, positioning it at 24,224.75 at the last update.
In the energy sector, the Energy Capped Index has seen an increase of 1.2%. Companies such as Tamarack Valley Energy, MEG Energy, and Headwater Exploration are showing gains of approximately 4.2% to 4.7%. Other companies, including Athabasca Oil Corp, Baytex Energy, Vermilion Energy, Pason Systems, Veren Inc, and Precision Drilling Corporation, have recorded upticks ranging from 3% to 3.75%.
Several other stocks are also showing advancements: Nutrien, Tecsys Inc, TerraVest Industries, Celestica Inc, Brookfield Renewable Corporation, Ag Growth International, Onex Corporation, Bank of Nova Scotia, EQB Inc, and Dollarama Inc have risen between 1.5% to 4.3%.
STEP Energy Services Ltd. has experienced an exceptional surge, with shares rising over 40% following the company’s announcement of a definitive arrangement agreement with Alberta Ltd. and ARC Energy Fund 8, a private equity fund managed by ARC Financial Corp. This agreement will lead to the company going private through an all-cash transaction.
Conversely, BCE Inc is facing a significant decline, with shares tumbling nearly 10%. ATCO Ltd. has decreased by 3.7%, and Fairfax Financial Holdings is down by 3.2%. Additionally, Sprott Inc, Cameco Corporation, Kinaxis Inc, Bombardier Inc, Dayforce, Bank of Montreal, and Constellation Software have seen reductions between 1% and 2.3%.
