TSX ends best week since 2015
Canada’s main stock index’s rally continued for a sixth straight day Friday as it posted its best weekly performance in more than three years.
The S&P/TSX composite index closed up 35.69 points to 14,939.18. The market gained 512.56 points or 3.55 per cent for the week, its best run since October 2015.
The Toronto market enjoyed its first six-day positive streak since mid-June. U.S. markets snapped their stretch at five days, although they were up about two per cent for the week.
“It’s definitely been a week of relief trading,” said Ian Scott, an equity analyst at Manulife Asset Management.
In New York, the Dow Jones industrial average lost 5.97 points at 23,995.95. The S&P 500 index was down 0.38 of a point at 2,596.26, while the Nasdaq composite was down 14.59 points at 6,971.48.
“It’s been kind of an absence of negative news we’ve been having over the past few weeks that has allowed us to kind of snap back,” he said in an interview.
After rising for several days, the S&P 500 has hit a level of technical resistance in not surpassing 2,600, said Scott.
All sectors on the TSX gained Friday except industrials and utilities, which dipped slightly.
Canadian Natural Resources Inc., Barrick Gold Corp. and CIBC were the top performers on the composite index, while Suncor Energy Inc., Canadian National Railway Co. and CGI Group Inc. were at the bottom.
The February crude contract was down $1 at US$51.59 per barrel Friday.
The Canadian dollar traded at an average of 75.42 cents US compared with an average of 75.56 cents US on Thursday.