The mar­kets to­day

The Prince George Citizen - - Money -

TORONTO (CP) — Canada’s main stock in­dex posted its strong­est four-day gain in three years Wed­nes­day as it was pro­pelled by a large in­crease in the price of crude oil and the Bank of Canada’s lat­est rate an­nounce­ment. The Toronto Stock Ex­change con­tin­ued its re­bound from a dread­ful au­tumn and tough De­cem­ber helped by pos­i­tive news about the trade dis­pute be­tween China and the U.S. and min­utes from the Fed­eral Re­serve con­firm­ing its pa­tience about rais­ing in­ter­est rates, says Anish Cho­pra, man­ag­ing di­rec­tor with Port­fo­lio Man­age­ment Corp.

“A fan­tas­tic four-day stretch,” he said in an in­ter­view.

The S&P/TSX com­pos­ite in­dex closed up 199.58 points to 14,804.73 in a broad-based rally that saw all sec­tors rise.

It was the third day of triple-digit gains so far this year and the best four-con­sec­u­tive day per­for­mance since Jan­uary 2016. “There seems to be a lot more op­ti­mism about a U.S.-China trade deal and when it comes to Fed­eral Re­serve in­ter­est rate hikes it ap­pears to be that they’ll take a pause,” Cho­pra said re­fer­ring to min­utes re­leased from the cen­tral bank and re­cent com­ments from sev­eral bank gov­er­nors.

The cannabis-heavy health care sec­tor rose by 6.25 per cent as Canopy Growth Corp. surged 13.3 per cent, while Aurora Cannabis Inc. and Aphria Inc. gained 7.3 and 6.2 per cent re­spec­tively. Fi­nan­cial and en­ergy stocks were the big­gest gain­ers on the day led by Sun Life Fi­nan­cial Inc., Royal Bank of Canada, Man­ulife Fi­nan­cial and Sun­cor En­ergy Inc. Mean­while, BCE Inc. and Nutrien Ltd. lost ground while Im­pe­rial Oil and Tran­sCanada Corp. posted small gains.

The en­ergy sec­tor was helped again by crude oil prices, which rose on Saudi Ara­bia’s en­ergy min­is­ter re­as­sur­ing that its oil pro­duc­tion and ex­ports are fall­ing sharply. West Texas In­ter­me­di­ate prices are up 23 per cent from its De­cem­ber low.

The Fe­bru­ary crude con­tract was up US$2.58 at US$52.36 per bar­rel Wed­nes­day.

Canada’s fi­nan­cial sec­tor was helped by the Bank of Canada’s de­ci­sion to hold its key rate at 1.75 per cent while the econ­omy ab­sorbs softness from a 44 per cent drop in oil prices from its Oc­to­ber peak. In New York, the Dow Jones in­dus­trial av­er­age gained 91.67 points at 23,879.12. The S&P 500 in­dex was up 10.55 points at 2,584.96, while the Nas­daq com­pos­ite was up 60.08 points at 6,957.08. The Cana­dian dol­lar traded at an av­er­age of 75.64 cents US com­pared with an av­er­age of 75.23 cents US on Tues­day.

Newspapers in English

Newspapers from Canada

© PressReader. All rights reserved.