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

  • BoC's interest rate announcement, forecast come amid uncertainty

    Economic CTV News
    OTTAWA -- The Bank of Canada will make a scheduled interest rate announcement and release its economic forecast amid widespread uncertainty as Donald Trump prepares to be sworn in as U.S. president later this week. Source
  • Asian growth outlook bright despite uncertainty: UN report

    Economic CTV News
    The world economy grew 2.2 per cent in 2016, the slowest pace since the end of the 2008 financial crisis. Britain's plan to leave the European Union and the election of Donald Trump as U.S. Source
  • Asian stocks mixed after investor momentum sapped

    Economic CTV News
    HONG KONG - Most Asian stock indexes lacked direction Wednesday following a sharp correction overnight in the dollar that sapped investor momentum. KEEPING SCORE: Japan's benchmark Nikkei 225 index shed 0.2 per cent to 18,776.45 and South Korea's Kospi was nearly flat at 2,071.40. Source
  • Republican plan would hit Canada less than other countries: U.S. tax authority

    Economic CTV News
    WASHINGTON -- An American tax authority who helped champion a reform now being considered by the U.S. Congress says Canada would not be among the countries hardest hit by the introduction of so-called border adjustments. Source
  • Bracing for looming lumber war, B.C. town cautiously hopeful

    Economic CBC News
    Bracing for uncertainty under the new U.S. administration, British Columbia's lumber producers are hoping diversification will be the key to survival. They already made profound changes to the industry over the past 10 years, moving away from a total reliance on the American market in the wake of a lumber war between Canada and the U.S. Source
  • CMHC to raise mortgage insurance premiums for new homebuyers

    Economic Toronto Sun
    Canada’s federal housing agency is hiking the cost of mortgage loan insurance for homebuyers starting March 17, as part of new regulatory requirements requiring it to hold more capital to offset risks in the country’s red-hot real estate market. Source
  • Canadian energy firms at risk from cyber, bomb attacks: CSIS

    Economic CBC News
    Canada's main spy agency last year warned energy companies about an increasing risk of cyber espionage and attacks on pipelines, oil storage and shipment facilities and power transmission towers using homemade explosives, according to a classified document obtained by Reuters. Source
  • McDonald's Canada warns all products may now come in contact with nuts

    Economic CBC News
    McDonald's Canada has started serving its first product containing peanuts or tree nuts that do not come in an individual package, causing concerns for customers with severe nut allergies. McDonald's says in a statement on its website that its new Skor McFlurry contains chopped almonds in the pieces of chocolate bar used to make the treat. Source
  • Wal-Mart to add about 10,000 jobs in the U.S.

    Economic Toronto Sun
    NEW YORK — Wal-Mart plans to add about 10,000 retail jobs in the U.S. as it opens new stores and expands existing locations. The world’s biggest retailer said Tuesday that there will also be about 24,000 construction jobs as well. Source
  • Canadian oilpatch worried by possible Trump border tax on crude

    Economic CBC News
    Canadian oil industry leaders are trying to get a better idea what the impact of a new import tax in the United States would be on Canada's energy sector if the Trump administration embraces it. The tax would essentially make Canadian oil and gas more expensive for U.S. Source