09.02.202614:50:35UTC+00TSX Extends Momentum

The S&P/TSX Composite Index rose about 0.4% on Monday to trade above 32,550, building on momentum after logging its largest daily gain in four months in the previous session, as strength in precious metals continued to support the market. Gold producers led the advance, with Agnico Eagle, Barrick, Wheaton Precious Metals, and Franco-Nevada up between 1.9% and 2.2% as bullion prices gained nearly 1%.

Financials also lent steady support, with RBC, TD Bank, and BMO each rising around 0.5%. The energy sector was mixed, mirroring crude prices, which steadied after earlier declines as supply concerns eased following confirmation that the US and Iran will continue talks after what were described as constructive discussions in Oman.

In corporate news, AIG said late Friday that it had completed the acquisition of a 9.9% stake in Canadian asset manager Onex. Looking ahead, investors are turning their attention to earnings. Constellation Software is under pressure ahead of its results due later today, while reports from Shopify, Agnico Eagle, and Cameco are scheduled later in the week.