Canada Stocks Recover Near 50 Pts, But Fall Short of Record Closing Levels

Last Updated: Thursday, June 10, 2021 4:07 PM | MT Newswires

Canada's main stock market, the Toronto Stock Exchange, recovered nearly all of yesterday's losses in gaining near 50 points on Thursday, but still fell about a dozen points short of recent record closing levels. North America investors looked past fears around higher than expected US inflation data -- indeed the S&P hit record highs -- and instead seemed to focus on hopes around economic re-openings and recoveries. Here, the resources heavy TSX was also buoyed by higher commodity prices.

Among sectors here, Materials gained 1.5% and Industrials rose near 0.2%. But Health Care weighed in losing near 2.4%.

Of commodities, gold posted a slight gain despite a sharper than expected rise in U.S. inflation that pushed the price of the metal up from session lows. Gold for August delivery settled up $0.90 to US$1,896.400 per ounce in electronic trade.

But West Texas Intermediate crude oil posted a gain, pushing back above the US$70 market following a day-prior drop that followed on a report showed an unexpected sharp rise in U.S. gasoline inventories and brief market fears after the U.S. lifted sanctions on three Iranian oil officials. WTI crude for July delivery settled up $0.33 to US$70.29 per barrel, Marketwatch reported. August Brent crude, the global benchmark, was last seen up $0.30 to US$72.52, while Western Canada Select was up $0.29 to US$56.26 per barrel.

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