Canada’s three largest banks by market cap had the most significant role, combined, in today’s 92.5 point gain (+0.8%) for the S&P/TSX Composite (TSX:^OSPTX).
TD Bank (TSX:TD), Royal Bank (TSX:RY), and Bank of Nova Scotia (TSX:BNS) were up 1.2%, 1.0%, and 1.0% respectively, shrugging off the negative article that appeared in this weekend’s Globe. These three banks combined for 15 basis points (bps) of today’s 80 bps move.
A collection of resource companies also made their mark on Monday’s market. Barrick Gold (TSX:ABX) climbed 3.7% as the spot price of gold continued to rebound, finishing up more than $9.00 to close at US$1,471.04/oz.
In addition, Potash Corp. (TSX:POT) continued the momentum that began last week after the company announced quarterly results. Potash shares finished Monday +1.8%, closing at $42.13. Potash shares have increased by 7% since last Tuesday’s opening.
Foolish Takeaway
Earnings are likely to dictate how the Canadian market rolls over the next few weeks. Although today was light on this front, tomorrow is a different story with four prominent large caps on deck.
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Fool contributor Iain Butler is short $40 July 2013 put options on Potash and owns shares in Potash and Barrick Gold outright. The Motley Fool does not own shares in any of the companies mentioned.
