TSX gains 106 points, loonie also closes up

TORONTO -- The Toronto stock market finished higher for a six straight session Thursday amid growing investor confidence in gold and base metals miners as well as energy issues.

See Full Article

The S&P/TSX composite index climbed 105.72 points to close at 13,123.65.

The index is up 370 points in a little over a week, as the majority of sectors made solid gains.

Gold was the leading advancer, up by more than three per cent, while energy issues got a boost of 2.82 per cent as shares in Canadian Natural Resources (TSX:CNQ) soared nearly nine per cent to $32.85.

The oil and gas producer says it still plans on spending $2 billion on its Horizon oilsands project this year even as the company cuts a billion dollars from its 2016 capital budget.

Colin Cieszynski, a chief market strategist at CMC Markets Canada, said investors are enjoying the broad-based gains but cautioned that the market can't go up forever.

"We're going to have a down day sooner than later," he said.

"It doesn't hurt to see this nice recovery, these steady gains. With these kind of gains, you aren't going to see them everyday, but a trend built on smaller increases is more sustainable. It's actually more positive for the market in general."

On Wednesday, the Toronto market pushed past the 13,000-mark for the first time this year. Cieszynski said continued gains also show that these higher levels are warranted.

"Not only did we go through it, but we didn't just go above it and (get) pounded right down," he said. "We've gone above it and we held above it. That's good. That's a sign of good underlying support for the market."

Cieszynski said the current run-up has been supported not only by the resource sectors, but also by financial stocks, with Canada's biggest banks having recently reported better than expected quarterly earnings.

On commodity markets, the April gold contract gained $16.40 to US$1,258.20 a troy ounce, while May copper added three cents to US$2.21 a pound.

The April contract for benchmark U.S. crude oil was down nine cents at US$34.57 a barrel, while April natural gas retreated four cents to US$1.64 per mmBtu.

The Canadian dollar added 0.17 of a U.S. cent to 74.65 cents US.

Indexes in New York shed earlier losses and turned higher late in the session as investors awaited the U.S. non-farm payrolls report on Friday. The report is an important barometer on the U.S. economy.

The Dow Jones industrial average was up 44.58 points at 16,943.90, while the broader S&P 500 added 6.9 points to 1,993.40 and the Nasdaq eased up four points to 4,707.42.



Advertisements

Latest Economic News

  • Stocks drop after global share sell-off hits after Wall Street, Europe losses

    Economic CTV News
    HONG KONG - A global stock market sell-off pulled shares lower in Asia on Wednesday as investors grew cautious following losses on Wall Street sparked by a delayed health care vote. Sentiment was dented in Europe by speculation that European Central Bank stimulus may be wound down if conditions improve. Source
  • Competition Bureau of Canada gives $4.4B Couche-Tard deal green light

    Economic CTV News
    LAVAL, Que. -- The Competition Bureau of Canada is giving the green light to Alimentation Couche-Tard (TSX.ATD.B) to purchase its American fuel and convenience store rival CST Brands Inc., provided the company sell some of CST's Canadian assets to Parkland. Source
  • Ivanka Trump shoes factory has long hours, low pay and abuse

    Economic CTV News
    GANZHOU, China -- A worker with blood dripping from his head marked a low point in the tense, grinding life at a southeastern China factory used by Ivanka Trump and other fashion brands. An angry manager had hit him with the sharp end of a high-heeled shoe. Source
  • Facebook hits 2 billion users, doubling in size since 2012

    Economic CBC News
    Facebook Inc. said on Tuesday that 2 billion people are regularly using its flagship service, marching past another milestone in its growth from a college curiosity in the United States to the world's largest social media network. Source
  • Royal Bank to repay investors $21.8M for mistakenly charged investment fees

    Economic CTV News
    TORONTO - The Royal Bank of Canada (TSX:RY) has agreed to a deal with Ontario's securities watchdog to repay $21.8 million to clients who were mistakenly charged some investment fees. The Ontario Securities Commission approved Tuesday the no-contest settlement agreement with RBC Dominion Securities Inc. Source
  • Royal Bank to pay back $22M in investment fees it overcharged

    Economic CBC News
    The Ontario Securities Commission says the settlement comes after a compliance review in 2015 found the bank had overcharged some of its customers 'excess fees,' for their investments. (Mark Blinch/Reuters) The Royal Bank of Canada will pay almost $22 million in compensation to clients who were charged excess fees on some mutual funds and investments products. Source
  • Ransomware is infecting computers all across Europe in another major attack

    Economic CBC News
    A major ransomware attack on Tuesday hit computers at Russia's biggest oil company, the country's banks, Ukraine's international airport as well as global shipping firm A.P. Moller-Maersk. Moscow-based cybersecurity firm Group IB said hackers had exploited code developed by the U.S. Source
  • World's first ATM turns to gold on 50th birthday

    Economic CBC News
    Five decades since it heralded a transformation in the way people obtained and used cash, the world's first ATM was turned into gold for celebrations of its fiftieth anniversary. The brainchild of Scottish inventor John Shepherd-Barron, the first ATM (automated teller machine) was opened on June 27, 1967 at a branch of Barclays bank in Enfield, north London, the first of six cash dispensers commissioned by the bank. Source
  • Bring the brew to you: Beer Store launches home delivery in Ottawa, Scarborough

    Economic CTV News
    TORONTO - The Beer Store is now offering home delivery in two Ontario communities. Customers in Ottawa and the Toronto suburb of Scarborough can now place an order online and have their purchases delivered within two hours. Source
  • Uber makes it easier to arrange trips for other riders

    Economic CTV News
    SAN FRANCISCO -- Uber's ride-hailing app is making it easier for its users to set up trips for seniors and others who may not know their way around a smartphone but still need help getting around town. Source