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Trackinsight: Rising oil and gold prices propel Canadian shares

08/24/2021 | 10:30am EDT

Canada, one of the top ten gold and oil producing countries benefited from Monday’s surge in prices of the yellow and black golds.

Canadian Crude Index and Gold futures rose by +7.00% and +1.47% respectively on Monday, propelling the S&P/TSX Composite, Canada?s benchmark index by 0.68%. Overall, advancing stocks outnumbered falling ones by 1,242 to 540 and 247 ended flat on the Toronto Stock Exchange.

Canada, one of the top ten gold and oil producing countries benefited from Monday?s surge in prices of the yellow and black golds. Market gains were led by healthcare, energy and material sectors. The biggest gainers of the session were Trillium Therapeutics Inc, which skyrocketed by 185.79%. MAG Silver Corp and Capstone Mining Corp added 8.96% and 7.90% respectively.

Gold prices traded above $1800 per ounce for the first time in over two weeks as the dollar retreated on the currency market. The weaker dollar also helped oil, pulling it off from three-month lows.

Canada ETFs with exposure to large and mid-cap Canadian equities were on the rise on Monday. JPMorgan BetaBuilders Canada ETF (BBCA) with $5.54 billion in Assets under management (AuM) rose by +1.83%. iShares MSCI Canada ETF (EWC), with $4.05 billion in AuM followed path with +2.03%

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© www.trackinsight.com 2021
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