By Robb M. Stewart
Stocks trading in Toronto advanced Monday as the market's finance and technology sectors drove broad gains.
In the U.S., markets were mixed with a continued pullback in Nvidia shares. Investors on both side of the border are awaiting important economic and business indicators due this week, including Canadian inflation data for May on Tuesday and April gross domestic product on Friday and the results of the Federal Reserve's annual big-bank stress test mid-week.
At about midday, the benchmark S&P/TSX Composite Index was 0.9% higher at 21739.86. The blue-chip S&P/TSX 60 was ahead 0.9% at 1298.74.
Each of the Canada's big banks was higher, led by gains of 1% or more with Canadian Imperial Bank of Commerce, Royal Bank of Canada and Toronto-Dominion Bank.
Energy and utilities stocks were also mostly stronger for the session, with Athabasca Oil up 4%, ARC Resources 2.9% higher and Algonquin Power & Utilities advancing 3.4%.
Other market movers:
Bitfarms shares were down 10% at C$3.65 after suitor Riot Platforms withdrew its takeover offer and said it was pushing for a shakeup of the Bitcoin miner's board in the hope of engaging new directors in a possible tie-up between the companies.
The Toronto-listed shares of Bitcoin miner Hut 8 were up 0.8% at C$17 after the Miami-based company struck a deal for a $150 million investment from a fund managed by Coatue Management.
Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
06-24-24 1248ET
