By Robb M. Stewart
Stocks in Toronto had a solid start to the week, with financial and energy shares driving gains in midday trading.
The S&P/TSX Composite Index was 0.9% higher at 19587.30, and the blue-chip S&P/TSX 60 was 0.9% stronger at 1180.58.
Canadian Imperial Bank of Commerce led the big banks, rising 1.7%, ahead of inflation data for May due on Tuesday that should shed some light on what the Bank of Canada plans next for interest rates. The other major banks were each up 1.1% or more.
Other market movers:
Eupraxia Pharmaceuticals’ shares rallied 18% to C$17.90 after a clinical trial of the Canadian biotechnology company’s lead product candidate met key targets.
Northwest Healthcare Properties Real Estate Investment Trust was 3.8% lower at C$6.15 after BMO Capital Markets dropped its stance to market perform from outperform and trimmed the target price by C$3 to C$7 following the company’s decision to scrap plans to create a U.K.-based joint venture with an institutional investor.
Write to Robb M. Stewart at [email protected]
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