TSX surges more than 100 points to end the week

first_img Toronto stock market dips on weakness in the energy and financials sectors Facebook LinkedIn Twitter Related news Share this article and your comments with peers on social media stock market pricing abstract leungchopan/123RF Aleksandra Sagan Canada’s main stock index rose by more than 100 points on Friday in a broad-based advance led by the industrials sector.The S&P/TSX composite index advanced 107.93 points to 15,729.40, with stocks in the industrial sector gaining on average 1.38%. TSX gets lift from financials, U.S. markets rise to highest since March Keywords Marketwatch S&P/TSX composite hits highest close since March on strength of financials sector The Toronto index also got a lift from the energy sector, which rose 0.67% on the strength of the price of oil, said Macan Nia, a senior investment strategist with Manulife Investments.The price of the commodity jumped almost 2% with the June crude contract rising US$1.29 to US$69.72 a barrel.Nia said there are potential upside catalysts for oil, such as possible new sanctions on Iran, that could raise the prospects of a tighter global crude supply environment and send prices higher in the near term, which would be positive for the Toronto Stock Exchange (TSX).Both the Canadian dollar and the TSX have a high correlation to the price of oil, due to the large number of energy companies listed on the TSX as well as the sector’s primacy in the Canadian economy.In New York, indices also made gains. The Dow Jones industrial average gained 332.36 points to 24,262.51. The S&P 500 composite index rose by 33.69 points to 2,663.42 and the Nasdaq composite index moved up by 121.47 points to 7,209.62.That rally came after the U.S. Department of Labor released employment figures for the month of April. U.S. employers added 164,000 jobs last month and average hourly earnings rose 2.6% from the year before, according to the report.These figures were weaker than expected, said Nia.“It eased any concerns that the markets may have had in terms of a faster interest rate hiking cycle and that was positive for U.S. equities,” he said.The Canadian dollar was trading at US77.75¢, unchanged from Thursday.Elsewhere in commodities, the June natural gas contract fell about US2¢ to US$2.71 per mmBTU. The June gold contract advanced US$2 to US$1,314.70 an ounce and the July copper contract moved up roughly half a cent to about US$3.09 a pound.last_img read more