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HomeBusiness ReportAFTER THE BELL: TSX led higher by energy, financials; Facebook, Boeing’s woes...

AFTER THE BELL: TSX led higher by energy, financials; Facebook, Boeing’s woes continue into new week

Gains in the heavyweight energy and financials sectors lifted the TSX into triple-digit territory to start the week.

Canada’s stock exchange jumped 111 points, led by the index’s energy stocks which were boosted by higher oil prices.

Crude gained 45 cents to $58.97 US a barrel, after OPEC and its allies decided to cancel its April meeting, meaning their next meeting regarding supply cuts won’t happen until June.

It was an all-around positive day for energy companies, led by 3.5-percent or more increases by Crescent Point Energy and Encana Corporation.

Manulife was a leader in the financials sector by climbing 3.1 percent. This comes after a Saskatchewan court ruled in favour of Manulife in a legal fight with hedge fund Mosten Investment LP over insurance contracts.

Canada’s popular pot stocks also saw green, in particular Green Organic Dutchman Holdings which rose a whopping 11.8 percent to $5.10 a share. Green Organic was the second most heavily traded company on the exchange behind Aurora Cannabis, which was up 3.3 percent.

In New York, markets saw modest gains with the Dow moving 65 points higher and the Nasdaq adding 25 points.

Boeing continues to be a weight stateside with shares in the industrials giant losing another 1.7 percent.

The company’s stock continues to slip as it faces intense scrutiny over the safety approval process of its 737 Max 8 jets, which have been grounded worldwide in the wake of the deadly Ethiopian Airlines crash on March 10.

On the tech side, Facebook’s stock had its worst day of 2019, according to CNBC. Facebook shares spiraled 3.3 percent after analysts downgraded its stock on Monday, amid controversy involving the departure of its chief product officer and the live streaming of the mass shootings in New Zealand.

Meanwhile, the US Federal Reserve is widely expected to keep rates unchanged when it makes its policy decision later this week.

Gold was flat, up 60 cents to $1,303 an ounce while the loonie edged 7/100ths of a cent higher to $0.7497 US.

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