TSX ends higher for fourth straight day as gold, oil prices climb

TORONTO -- The Toronto stock market ended higher for a fourth consecutive day Thursday, as investors sought safety in gold and remained hopeful that an agreement could be reached between major oil-producing countries to freeze crude output.

See Full Article

The S&P/TSX composite index climbed 64.20 points or 0.5 per cent at 12,931.36.

Gold, materials and real estate were the leading advancers on the TSX, offsetting declines by the metals and mining and energy sectors.

The Canadian dollar fell 0.24 of a U.S. cent to 72.73 cents US.

On the commodity markets, April gold was up $14.90 at US$1,226.30 an ounce. The March crude contract was up 11 cents at US$30.77 per barrel.

Oil prices fluctuated throughout the day after the latest data showed that fuel stockpiles grew last week in the U.S.

Crude prices have climbed recently due to optimism over a possible deal to limit production by some OPEC nations. So far, six countries, including Saudi Arabia and Venezuela, have supported the plan to keep output at January's levels as part of an effort to put a floor in bottoming crude prices.

Iran says it supports the deal but has not agreed to it. The agreement needs all 13 members of OPEC to participate or else it will not go forward.

"Oil production levels in the U.S. have remained surprisingly robust despite very low market prices," said Todd Mattina, chief economist and strategist at Mackenzie Investments.

"That combined with very high inventory levels is going to keep continued downward pressure on oil prices."

Mattina said he continues to have a bearish view on the markets and expects volatility to continue as there's still uncertainty over when the next rate hike will come from the U.S. Federal Reserve.

In other resource markets, the March natural gas contract was down nine cents at US$1.85 per mmbtu and March copper was unchanged at US$2.07 a pound.

Wall Street was negative with the Dow Jones industrial average down 40.40 points to 16,413.43. The broader S&P 500 composite index declined 8.99 points to 1,917.83, while the Nasdaq composite index lost 46.52 points to 4,487.54.

In economic news, the OECD released a report Thursday saying it has cut its growth forecasts for Canada, the U.S. and other economies in the world for the next two years.

It predicts the Canadian economy will grow by 1.4 per cent in 2016, a drop from its previous projection of 2.0 per cent growth for this year.

Canada's economic growth is expected to pick up to 2.2 per cent in 2017, down from the 2.3 per cent that had been forecast earlier.



Advertisements

Latest Economic News

  • Socks and bonds: Edmonton pals conquer wacky dress sock market

    Economic CTV News
    Two childhood best friends from Edmonton are cashing in on the funky dress sock craze that seems to be sweeping the often bland world of professional menswear. Popular outlandish designs with names like aqua moustaches, surfing sloth, and mint flamingo party have seen Good Luck Sock grow its sales nearly four-fold and double the number of retailers that carry the company’s far-out footwear over the past year. Source
  • Trump's 'Buy American' policy could have major implications for Canada

    Economic CTV News
    WASHINGTON -- Donald Trump has made it clear he wants Buy American rules in the massive infrastructure program he's planning, launching an ardent defence of domestic-purchase requirements that can cause tensions with other countries. Critics of such Buy American provisions say they not only freeze out foreign competition, but hurt Americans too, by driving up the cost of construction, which means taxpayers get fewer roads and bridges for their buck and fewer construction jobs in the long…
  • Ontario steelmaker Stelco seeks court OK for moving ahead with restructuring

    Economic CTV News
    TORONTO -- Southern Ontario steelmaker Stelco is seeking court approval to move forward with its restructuring following an agreement with Bedrock Industries. Ontario Finance Minister Charles Sousa said in a statement Friday that Bedrock's proposal would mean that operations at the Hamilton and Lake Erie facilities would continue and 2,100 jobs would be preserved. Source
  • Cuba, Google strike deal to hike internet speed: sources

    Economic CTV News
    HAVANA -- Google and the Cuban government have struck a deal giving Cubans faster access to the internet giant's content, two people familiar with the agreement said Friday. Eric Schmidt, chairman of Google's parent company, will formally sign the deal Monday morning in Havana, the two people said. Source
  • Ford CEO says Trump threats won't change small car plans

    Economic CTV News
    DETROIT -- Ford Motor Co. is going ahead with plans to move small-car production from the U.S. to Mexico despite President-elect Donald Trump's recent threats to impose tariffs on companies that move work abroad. CEO Mark Fields said Ford's plan to move production of the Ford Focus from Michigan to Mexico will proceed, in part because U.S. Source
  • Major New York markets hit second consecutive day of record highs

    Economic CBC News
    Major New York stock indexes hit a second consecutive day of record highs while the Toronto stock market continued its six-day rise, continuing a post-U.S. election rally. On Wall Street, the Dow Jones industrial average recorded its third consecutive record-breaking day, advancing 142.04 points to 19,756.85. Source
  • Alberta drilling rights auctions deliver lowest payoff in 39 years

    Economic CBC News
    Sales of Crown drilling rights in Alberta have fallen to their lowest levels in 39 years. Statistics posted on the Alberta Energy website this week, following the last auction of 2016, show that oil and gas producers paid $137 million this year for the right to drill oil and gas wells on land where the province owns the mineral rights. Source
  • Trump expected to name a top Goldman exec to economic post

    Economic CTV News
    WASHINGTON -- President-elect Donald Trump is expected to name Gary Cohn, the No. 2 executive at the powerhouse Wall Street firm Goldman Sachs, to a prominent White House economic post. That's according to two people informed of the decision. Source
  • Trump deepens Goldman ties as he builds out economic team

    Economic CTV News
    WASHINGTON -- In the heat of the presidential campaign, Donald Trump accused primary rival Ted Cruz of being controlled by Goldman Sachs because his wife, Heidi, previously worked for the Wall Street giant. He slammed Hillary Clinton for receiving speaking fees from the bank. Source
  • Digital advertising poised for growth next year even as traditional revenues crumble

    Economic CBC News
    Digital advertising will continue to outstrip other media forms this year and next when it comes to bringing in ad dollars, according to a new forecast from media buying company GroupM. Internet advertising is projected to the grow by 18 per cent year-over-year in 2016, and by 15 per cent next year, the New York-based firm said. Source