Published: Wed, May 31, 2017
Money | By Armando Alvarado

TSX edges higher as financials gain ground

TSX edges higher as financials gain ground

Canada's main stock index was barely higher in morning trade on Monday, helped by boosts for several big banks that reported earnings last week and by a gain for plane and train maker Bombardier Inc. "I think you have to go back to the fundamentals of the Canadian banks", said Sadiq Adatia, chief investment officer, Sun Life Global Investments. Wheaton Precious Metals Corp (WPM.TO) fell 1.3 per cent to $27.75 and Goldcorp Inc (G.TO) lost 0.8 per cent to $18.32.

Trading was quiet as the USA stock markets took the day off for the Memorial Day holiday.

The Toronto Stock Exchange's S&P/TSX composite index was up 1.59 points to 15,418.52, after 90 minutes of trading.

Five of the index's 10 main groups gave up ground.

Markets in China, the United States and Britain were closed for public holidays.

Stock Traders Purchase Large Volume of United Continental Holdings Call Options (UAL)
The overall volume in the last trading session was 2.39 million shares, versus the average volume of 3.12 million shares. Manufacturers Life Insurance Company The invested 0.05% of its portfolio in United Continental Holdings Inc (NYSE:UAL).

Canadian National Railway Co, which reached a tentative deal on Monday with the Teamsters union that represented 3,000 conductors, averting a strike, rose 1.1 percent rise to C$104.52. But it has gained less than 1 percent this year, lagging most other major markets.

The Canadian dollar was trading at 74.30 cents USA, down 0.09 of a cent.

Seven of the index's 10 sectors were down, but the market was led higher by the industrials, information technology and consumer discretionary stocks. This was countered by shares in Bombardier Inc, up 4% on the day on news of an upgrade from BMO based on encouraging news on the company's CS300.

Its rival, Canadian National Railway Co (CNR.TO), faces the threat of a strike on Tuesday morning after the railroad announced new work rules in the midst of negotiations to replace a contract that expired previous year.

The financials group slipped 0.2 percent as small but influential dips in most bank shares offset Scotiabank's 0.6-percent rise to C$76.61.

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