(Toronto) A broad rally led by the energy and information technology sectors helped the Toronto Stock Exchange’s flagship index close higher on Monday.
Posted at 6:28 p.m.
The Toronto Stock Exchange’s S&P/TSX Composite Index gained 170.82 points to end the session with 20,919.40 points. It was the seventh consecutive gain for the TSX, which closed at its highest level since May 4.
“It looks like we finally got out of this streak of losing weeks for the stock markets last week,” said Vincent Tonietto, portfolio manager for Fiduciary Trust Company of Canada.
The Toronto market was also unaffected by major news from the United States, where markets were closed Monday for the Remembrance Day holiday.
The continued easing of China’s COVID-19 lockdowns also supported Monday’s stock market advance.
The Toronto utilities sector was the only TSX to retreat on Monday. The energy group advanced 2.4%, supported by a rise in the price of crude oil.
On world markets, the price of crude oil rose US$2.10 to US$117.17 per barrel, while natural gas returned US$2.6 cents to US$8.70 per million BTU .
The materials sector recorded a slight increase of 0.18%. The price of gold was unchanged at US$1857.30 an ounce and that of copper gained 2.7 cents US to US$4.33 a pound.
In the currency market, the Canadian dollar traded at an average price of 78.98 cents US, up from its average price of 78.51 cents US on Friday. The advance takes the loonie to its highest level since April 21, and comes as most observers expect the Bank of Canada to announce another 0.5 percentage point hike in its rate on Wednesday morning. of guiding interest.
In addition to the central bank’s decision, data will be released this week on compensation, supply managers, and Canadian gross domestic product.
“A lot of data will have to be digested by the markets by the end of the week,” Tonietto said.