FI­NAN­CIAL MAR­KETS

Penticton Herald - - OKANAGAN -

TORONTO — The loonie climbed Fri­day, ris­ing above the 80-cent mark, as oil prices rose and the coun­try’s eco­nomic growth came in stronger than ex­pected.

The Cana­dian dol­lar was trad­ing at an av­er­age price of 80.34 cents US, up 0.47 of a cent.

The loonie jumped sharply in the mo­ments af­ter Statis­tics Canada re­ported that the econ­omy grew by 0.6 per cent in May, higher than the 0.2 per cent that economists had ex­pected.

How­ever, chief in­vest­ment strate­gist Philip Pe­turs­son says higher crude prices are likely more re­spon­si­ble for the loonie’s as­cent than the eco­nomic data.

“Cana­dian eco­nomic growth is nice, but it tends to have less of an over­all im­pact on the equity mar­kets,” said Pe­turs­son, who works at Man­ulife As­set Man­age­ment.

Mean­while, the Toronto Stock Ex­change’s S&P/TSX com­pos­ite in­dex lost 62.71 points to 15,128.65, with most sec­tors lower.

Con­sumer dis­cre­tionary stocks gave back 1.15 per cent, while con­sumer sta­ples com­pa­nies were down 1.01 per cent and tele­com com­pa­nies lost 0.86 per cent.

The only two sec­tors that closed higher were gold, up 0.96 per cent, and ma­te­ri­als, up 0.26 per cent.

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