Canada Stocks Take 3 Days of Gains Total To Near 400 Pts, Leaving Index Back Within 100 Pts of All Time High Levels

Last Updated: Thursday, October 14, 2021 4:08 PM | MT Newswires

Just as some port authorities agreed this week to help in easing supply chain bottlenecks by extending hours of operations, so too the floodgates appear to have simultaneously re-opened to stock markets and many investors are sailing in to do some buying across North American markets.

While in the United States the S&P and NASDAQ both added around 1.7% on Thursday, Canada's main stock market, the Toronto Stock Exchange, fell just single digit points shy of reaching all time record closing highs while adding another 200 points to the 200 points gained over the prior two days of this holiday shortened week. Markets were closed Monday for Canada Thanksgiving.

For its own part, the resources heavy TSX has also been buoyed by higher commodity prices, and now sits within 100 points again of all time record highs around 20,900 hit in early September 2021, before selling pressure pushed the index all the way down to nearer the 20,000 mark. Year to date, the TSX is up near 20%

Among sectors, Energy was up 1.4% today, leaving it up near 12% in the last month. Materials was up 1.3% and Financials rose 0.9%, with all sectors higher.

Of commodities, gold settled higher on Tuesday as the dollar weakened again and bond yields fell but failed to hold the US$1,800 mark. Gold for December delivery settled up US$3.20 to US$1797.90 per ounce, the highest close in a month, even as it rose as high as US$1,801.90 during the session.

Also, West Texas Intermediate crude oil prices rose to a new seven-year high after the International Energy Agency (IEA) said the OPEC+ group is undersupplying the market by 700,000 barrels per day as it sticks to its schedule of monthly supply increases even as shortages of natural gas, LNG and coal boost oil demand, while U.S. inventories rose more than expected.

WTI crude for November delivery closed up US$0.87 to US$81.31 per barrel, Marketwatch reported. December Brent crude, the global benchmark, was up $0.80 to US$83.98 while Western Canada Select was up $1.33 to US$67.11 per barrel.

Share this article:

Related Companies

You May Also Like

Related Articles

Sector Update: Tech Stocks Retreat After Snap's Plunge

Sector Update: Health Care Stocks Edging Higher Near Friday Close

Sector Update: Energy Stocks Higher This Afternoon

Related Companies