(Toronto) The Toronto Stock Exchange ended the week on a new record, benefiting from the release of a strong job market report, the rise in the price of crude oil and the release of positive quarterly results in the energy sector.
Toronto’s S & P / TSX Composite Index climbed 113.69 points to end the session with 21,455.82 points.
In New York, the Dow Jones Industrials Average rose 203.72 points to 36,327.95 points, while the broader S&P 500 Index appreciated 17.47 points to 4,697.53 points. The NASDAQ Composite Index for its part advanced 31.28 points to 15,971.59 points.
Stock markets responded favorably to October’s employment reports in the United States and Canada, which supported the hypothesis of a stronger economy that helped reopen industries such as hotels, airlines and cruise lines, said Mike Archibald, vice president and portfolio manager at AGF Investments.
“Air Canada is obviously the main beneficiary of this, but CAE is also on the rise in this area,” he noted in an interview.
Air Canada shares climbed 6.2% despite the handling of the crisis surrounding the lack of French language proficiency by CEO Michael Rousseau, which has been described as a public relations disaster. CAE shares rose 6.6%.
The energy sector dominated the TSX, advancing 2.6% as shares of Arc Resources and Enerplus rose 7.5% and 7.2% respectively.
Enbridge shares climbed 3% after the Calgary-based company reported higher adjusted profits and a 26% increase in operating revenues to $ 11.47 billion.
On the New York Commodities Exchange, the price of crude oil rebounded from US $ 2.46 to US $ 81.27 per barrel, while that of natural gas fell 2 cents US to US $ 5.52 per barrel. million BTUs.
Archibald noted that some feared that US President Joe Biden would release stocks from the country’s strategic oil reserve to quell crude price increases, after the Organization of the Petroleum Exporting Countries (OPEC) and its allies rejected his call for a larger increase in oil production for the cartel.
OPEC is expected to gradually add 400,000 barrels per day to the market.
Toronto’s materials sector rose 1.6% as gold prices continued to climb.
The consumer discretionary sector rose 0.8%, while the health sector was one of three on the floor to decline, yielding 1.4%.
The price of gold climbed from US $ 23.30 to US $ 1,816.80 an ounce in New York City, and the price of copper rose by 2 cents US to US $ 4.34 per pound.
In the currency market, the Canadian dollar traded at an average rate of 80.31 cents US, down from 80.33 cents US the previous day.
The Toronto Stock Exchange is now growing 23.1% from the start of the year, as the market enters a historically favorable time of year, Archibald noted.
“We’re just entering the generous portion of the seasonal calendar, so I expect we will continue to see further gains by the end of the year. ”