Canadian stocks displayed a mixed performance on Monday as investors awaited key economic data from the U.S. and Europe to gain insights on future interest rate trends.
With the U.S. market closed for Memorial Day, trading activity on Bay Street remained subdued. However, material stocks rose, bolstered by higher metal prices.
The benchmark S&P/TSX Composite Index increased by 46.89 points, or 0.21%, reaching 22,367.76.
Significant gains were observed in Pan American Silver Corp (PAAS.TO), Finning International (FTT.TO), Nutrien (NTR.TO), FirstService Corporation (FSV.TO), and RB Global (RBA.TO), with shares rising between 1% and 3%.
Bombardier Inc (BBD.B.TO) advanced approximately 1.5% after announcing its intent to rigorously defend itself in a class action lawsuit authorized by the Superior Court of Québec. The class action, instituted by Plaintiff Denis Gauthier, seeks damages under the Québec Securities Act. Both Bombardier and the individual defendants deny any wrongdoing.
Africa Oil (AOI.TO) saw its shares surge by 4.2% following the company's announcement that it repurchased approximately 1.3 million common shares from May 20 to May 24 under its previously announced share buyback program.
Conversely, Constellation Software (CSU.TO) experienced a decline of about 2.5%. Lassonde Industries (LAS.A.TO) fell by 2%, and Terravest Industries (TVK.TO) decreased by approximately 1.4%. Thomson Reuters (TRI.TO) also recorded a slight decline, falling nearly 1%.
On the economic front, preliminary data from Statistics Canada indicated that wholesale sales in the country rose by 2.8% month-over-month in April, rebounding from a 1.1% decrease in March.