The mar­kets to­day

The Prince George Citizen - - SPORTS -

TORONTO (CP) — Canada’s largest stock in­dex marched fur­ther into record ter­ri­tory Mon­day, clos­ing above the 16,000 mark for the first time, de­spite mod­est de­clines on Wall Street. The S&P/TSX com­pos­ite in­dex rose 49.27 points to 16,002.78, led pri­mar­ily by strength­en­ing oil and gas shares, with some ad­di­tional lift com­ing from health­care stocks. The en­ergy sec­tor was 1.76 per cent firmer as the De­cem­ber crude con­tract plumbed six month highs, ad­vanc­ing 25 cents to US$54.15 per bar­rel. “The broader take-away from to­day is that we’ve seen a bit of strength cer­tainly com­ing from the en­ergy sec­tor, which is an area that has plagued the in­dex for much of this year,” said Craig Fehr, a Cana­dian mar­kets strate­gist at Ed­ward Jones in St. Louis. “So in terms of the sup­ply side we’ve seen a lit­tle bit of a bump to oil prices and that’s clearly help­ing the TSX to­day broadly.” Fehr pegged the ris­ing price of crude on ex­pec­ta­tions that OPEC pro­duc­tion cuts or freezes could be ex­tended fol­low­ing news that Saudi Ara­bia, the world’s largest oil pro­ducer, sup­ports ex­tend­ing an agree­ment by other ma­jor pro­duc­ers to limit out­put be­yond next March. The Or­ga­ni­za­tion of the Pe­tro­leum Ex­port­ing Coun­tries is ex­pected to take up the agree­ment at its next meet­ing on Nov. 30. En­ergy gains also came on the back of bet­ter U.S. thirdquar­ter GDP data re­ported last Fri­day, which boosted de­mand prospects for oil.

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