TSX ends best week since 2015

Lethbridge Herald - - BUSINESS -

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.

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