Canada Stocks Hit Fresh Record Closing High

Last Updated: Thursday, July 29, 2021 4:07 PM | MT Newswires

When Canada's main stock market on Tuesday afternoon of this week recovered more than 100 points to end that day slightly higher, it was something of a turning point for the market here. The Toronto Stock Exchange has built on that by adding near 60 points in gains on Wednesday and another 81 points today (Thursday) to close at a fresh record closing high of near 20,312, buoyed by continued strength in commodity prices and by and large better than expected company earnings.

This comes after a few weeks of volatile trade that saw the main Index fall away from all time highs hit in July.

Among sectors today, Materials led the way.

Of commodities, gold rose to the highest since mid-June on Thursday, a day after the Federal Reserve sounded a cautious note on the U.S. economy and maintained its ultra-low interest-rate policy and kept quantitative easing measures in place. Gold for December delivery closed up $31.20 to US$1,835.80 per ounce.

And West Texas Intermediate crude oil also rose Thursday, on rising demand and falling U.S. oil inventories. WTI crude for September delivery settled up $1.23 to US$73.62 per barrel, Marketwatch reported. September Brent crude, the global benchmark, was last seen up $1.24 to US$75.98 while Western Canada Select was up $0.73 to US$58.83 per barrel.

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