TSX Closes Back Above 17,000 Level, But Late Dip May Reflect News of Fresh Ontario Lockdowns, Called "Disgusting"

Friday, November 20, 2020 4:24 PM | MT Newswires

Canada's main stock market, the Toronto Stock Exchange, closed up near 110 points or 0.65% and back above the 17,000 level after making steady progress through Friday's session and even overcoming late dips. perhaps reflecting the news that the Toronto and Peel regions in Ontario will go in to lockdown again on Monday, November 23 at 12.01am ET.

From a business perspective, mall retailers will only be open for curbside pick up in so called 'gray' areas of concern, Big box stores and 'The Bay' will remain open, but independent retailers will close. A total of $600 million in relief funds will now be available to cover energy costs and property taxes.

Dan Kelly, President and CEO of the Independent Businesses organisation, on BNN Bloomberg TV said "it's disgusting" and added he is "absolutely shocked" the Ford government would go down this route.

Of commodities, gold closed higher despite a firming dollar as weak stocks added to the metal's appeal as a safe haven. Gold for December delivery settled up $10.90 to US$1,872.40 per ounce in Comex trade.

Elsewhere, West Texas Intermediate (WTI) crude oil also ended higher after Pfizer (PFE) said it applied to the U.S. Food and Drug Administration (FDA) for an emergency use authorization to begin distribution of its Covid-19 vaccine. In its final day as the active contract, WTI oil for December delivery expired up $0.41 to US$42.15 per barrel, Marketwatch reported. January Brent oil, the global benchmark, was last seen up $0.76 to US$44.96 while Western Canada Select was up $0.12 to US$30.59 a barrel.

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