Canada Stocks Take Two Days of Gains To Near 250 Pts; Index Lost 370 Over Prior 3 Sessions; Financials, Energy and Materials Star

Last Updated: Friday, May 14, 2021 4:04 PM | MT Newswires

After battling to modest gains of around 25 points yesterday to stop a losing streak that had seen Canada's main stock market lose near 370 points over the first three days of this week, the Toronto Stock Exchange availed of more risk on market sentiment on Friday in adding a further near 230 points in gains on bargain buying and apparently more support for Central Bankers as they play down inflation fears.

Among sectors, the Financial sector was up 1.3%, putting gains of 85 points on the table for the TSX. BNN TV cited a recent Canaccord note that cited rising mortgage growth. Energy jumped 2.69%, putting near 50 points on the table. And Materials rose 1.5%, putting near 40 points on the table.

Of commodities, gold ended higher on Friday as the U.S. dollar weakened and bond yields were steady. Gold for June delivery closed up $14.10 to US$1,838.10 per ounce in Comex trade.

Meanwhile, West Texas Intermediate crude oil prices rebounded Friday on higher demand after a drop of more than 3% a day earlier. WTI crude for June delivery closed up $1.55 to US$65.37 per barrel, Marketwatch reported. July Brent crude was last seen up $1.67 to US$68.72 while Western Canada Select was up $1.64 to US$52.53 per barrel. The rise came as refineries ramp up gasoline production to resupply service stations on the U.S. east coast emptied of gas following a five-day shutdown of the Colonial pipeline because of a cyberattack.

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