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

  • BMO boosts dividend on higher Q4 profit

    Economic CBC News
    Bank of Montreal raised its dividend Tuesday as it reported a fourth-quarter profit of $1.35 billion, up a 11 per cent from a year ago. The bank increased its quarterly payment to shareholders by two cents to 88 cents per share. Source
  • Oil price retreats from 18-month peak on high OPEC output

    Economic CBC News
    Oil came back from its highest level since July 2015 on Tuesday as new data from OPEC show it's pumping out huge amounts of oil even as the cartel is getting set to tighten the spigots in the new year. Source
  • Amazon gives glimpse of the future of grocery shopping — and it's grab and go

    Economic CBC News
    Amazon has opened a small physical store that could be the future of grocery shopping, one where customers walk in, collect their purchases from the shelves and walk out — all without ever needing to line up to pay or check out. Source
  • GM's car sharing service to make Canadian debut in Kitchener

    Economic CBC News
    GM plans to expand its Maven vehicle sharing service to Canada and its first location will be Kitchener. Kitchener city council approved a plan last night to rent five parking spots to GM in a lot at the corner of Charles and Water streets, near Communitech, for the next year. Source
  • BMO grows fourth-quarter profit 11 per cent to $1.35 billion; boosts dividend

    Economic CTV News
    TORONTO - Bank of Montreal (TSX:BMO) grew its fourth-quarter net income 11 per cent to $1.35 billion. That's up from $1.21 billion the bank earned during the same quarter last year. The earnings amounted to $2.02 per share, up from $1.83 per share a year ago. Source
  • Live on TV: Moment of reckoning for S. Korean business elite

    Economic CTV News
    SEOUL, Korea, Republic Of -- It's a rare moment of public reckoning for South Korea's most powerful business leaders, courtesy of the country's biggest political scandal in years. Usually cloistered executives from Samsung, Hyundai Motor and six other companies faced grilling Tuesday as lawmakers looked into their links to prosecution claims that South Korean President Park Geun-hye allowed a corrupt confidante to pull government strings and extort companies. Source
  • Along Trans Mountain pipeline, opinions range from pro to protest

    Economic CBC News
    The Trans Mountain pipeline hasn't changed much since it was built in 1952. Carved out of the land between Alberta's oil country and the B.C. coast, it began moving about 300,000 barrels of crude a day across the Rockies the following year. Source
  • Free speech vs. copyright in Supreme Court battle between Google, B.C. firm

    Economic CTV News
    OTTAWA -- A legal fight between Internet giant Google and a British Columbia technology company unfolds today in the Supreme Court of Canada, where they will duel over competing free speech and copyright infringement issues. Source
  • Asian stocks rise after record day on Wall Street

    Economic CTV News
    HONG KONG - Asian stocks rose Tuesday following another record day on Wall Street as investor optimism bounced back quickly after the Italian referendum. KEEPING SCORE: Japan's benchmark Nikkei 225 index climbed 0.5 per cent to 18,370.83 and South Korea's Kospi jumped 1.2 per cent to 1,985.85. Source
  • Stocks track higher after Wall Street hit another record

    Economic CTV News
    HONG KONG -- Stock markets pushed higher on Tuesday as investors cheered another record day on Wall Street and looked past the political and economic uncertainty buffeting Europe. KEEPING SCORE: France's CAC 40 added 0.5 per cent to 4,596 and Britain's FTSE 100 edged 0.4 per cent higher to 6,771. Source