TSX ends slightly higher as tech shares rally
SPY•Canada's S&P/TSX Composite Index rose 15.9 points, or 0.04%, to 35,518.55 on Monday as technology gains offset declines in energy and financials. The technology sector advanced 1.4%, while energy fell 0.4% and financials fell 0.5%.
1. Technology shares lead
The S&P/TSX Composite Index ended 0.04% higher at 35,518.55, adding to a nearly 1% gain on Friday. Technology shares rose 1.4%, with Shopify up 5.7%; energy fell 0.4% and financials declined 0.5%.
2. Oil sands deals
Cenovus Energy said it would buy Athabasca Oil in a C$5.7 billion cash-and-stock deal. Cenovus shares fell 3%, while Athabasca shares gained 13.5%. Suncor Energy ended 1.2% lower after agreeing to sell interests in three offshore oil assets for C$1.2 billion in upfront cash.
3. Bond market concerns
Investors weighed consolidation in Canada's oil sands sector and a recent global bond-market selloff. Greg Taylor of PenderFund Capital Management said cash on the sidelines was being put to work and investors were buying dips.
