The mar­kets to­day

The Prince George Citizen - - Money -

TORONTO (CP) — Canada’s main stock in­dex rose for a fifth straight day for the first time in seven months as the mar­ket con­tin­ued to bounce back from last month’s lows.

The S&P/TSX com­pos­ite in­dex closed up 98.76 points to 14,903.49, after hit­ting a

one-month high of 14,921.06 in ear­lier trad­ing.

The mar­ket is eight per cent above the low set late last year but still 10 per cent be­low the July high, which is a healthy place to be as it re­cal­i­brates, says Kash Pashootan, CEO and chief in­vest­ment of­fi­cer at First Av­enue In­vest­ment Coun­sel Inc.

“The mar­kets are bounc­ing off of an Ar­maged­don-like sce­nario where there was re­ally a spi­ralling out of con­trol panic and mar­kets have taken a breath and re­al­ized that yes there are lots of chal­lenges out there but there’s also some good things go­ing on as well,” he said in an in­ter­view. “So you’re now see­ing ra­tio­nale come back into the mar­kets, you’re see­ing less emo­tional sell­ing go­ing on.”

The Toronto Ex­change’s per­for­mance Thurs­day was helped by crude oil ris­ing to its high­est level in more than a month and fur­ther gains among cannabis pro­duc­ers in­clud­ing Canopy Growth Corp.’s 12 per cent gain that boosted the health­care sec­tor by 4.3 per cent.

The Fe­bru­ary crude con­tract was up 23 cents at US$52.59 per bar­rel and the Fe­bru­ary nat­u­ral gas con­tract was down 1.5 cents at US$2.97 per mmBTU.

The en­ergy in­dex in­creased by more than one per cent, fol­lowed by de­fen­sive sec­tors util­i­ties and telecom­mu­ni­ca­tions. The only sec­tor to fall was ma­te­ri­als.

In New York, the Dow Jones in­dus­trial av­er­age rose 122.80 points at 24,001.92. The S&P 500 in­dex was up 11.68 points at 2,596.64, while the Nas­daq com­pos­ite was up 28.99 points at 6,986.07.

The gains were more muted than in Toronto as the U.S. re­tail in­dex un­der­per­formed. Macy’s shares lost 18 per cent after re­port­ing a weak hol­i­day sea­son and Amer­i­can Air­lines fell after is­su­ing a dis­ap­point­ing fore­cast ahead of the start of the up­com­ing quar­terly re­sults.

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