S & P / TSX composite hits record high in best week since March as oil surpasses US $ 82 per barrel

TORONTO – Canada’s leading stock index has hit record highs following a general recovery led by strength in the financial and energy sectors as the price of oil surged above US $ 82 per barrel.

“Great day, on the heels of a great day yesterday,” said Allan Small, senior investment advisor at IA Private Wealth on Friday.

“Looks like we’re on a roll with the September funk release.”

The S & P / TSX Composite Index closed 108.16 points higher at 20,928.10 after hitting an intraday high of 20,969.36. The market climbed 2.5% in the shortened Thanksgiving holiday week for its best performance since early March.

The Toronto market is up 4.3 percent so far in October and 20 percent year-to-date.

In New York, the Dow Jones Industrial Average was up 382.20 points to 35,294.76. The S&P 500 Index was up 33.11 points to 4,471.37, while the Nasdaq composite was up 73.91 points to 14,897.34.

The three main sectors of the TSX were “on fire” for much of the day, Small said, as heavy financial sectors led the way, oil prices pushed energy prices higher despite falling prices of natural gas and copper helped materials even as gold fell.

Financial services gained nearly percent with the Toronto-Dominion Bank up 1.8 percent and the Bank of Montreal up 1.5 percent as banks grew in sympathy with U.S. banks which have published strong quarterly results.

Positive signs from US banks, such as improved loan loss provisions, could be reflected when Canadian banks release their results next month.

“So just a good general sentiment in the markets right now,” Small said in an interview, adding that economic data such as US retail sales was above analysts’ expectations.

He said there is a general feeling that the supply chain and constraints related to COVID-19 are improving and inflation should start to slow down a bit.

“If this is true then we could see higher markets moving forward.”

Energy rose as crude oil prices continued to climb, helping MEG Energy Corp. up 2.1 percent and Canadian Natural Resources Ltd. to earn 1.9 percent.

The November crude contract rose 97 cents to US $ 82.28 per barrel and the November natural gas contract fell 27.7 cents to US $ 5.41 per mmBTU.

The Canadian dollar was trading at 80.78 US cents against 80.83 US cents on Thursday.

Materials were slightly higher with First Quantum Minerals Ltd. up 8%.

The December gold contract was down US $ 29.60 to US $ 1,768.30 per ounce and the December copper contract was up 9.8 cents to US $ 4.73 per ounce. delivered.

Technology was one of seven sectors that rose that day as shares of Hut 8 Mining Inc. jumped 15.4% as the digital currency miner took advantage of the price of Bitcoin topping US $ 60,000. .

Small said Bitcoin had climbed on reports that the United States may soon offer a Bitcoin or cryptocurrency ETF already available in Canada.

He said the markets posted good ends to another volatile week.

“And in my opinion, I think the volatility continues. But I think we are higher on December 31st than today. It’s going to be a little choppy to get there, but I think we can further increase before the end of the year. ”

This report by The Canadian Press was first published on October 15, 2021.

Companies in this story: (TSX: FM, TSX: MEG, TSX: CNQ, TSX: TD, TSX: BMO, TSX: HUT, TSX: GSPTSE, TSX: CADUSD = X)

© Colonist of the time of copyright

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