Energy firms propelled composite index above 16,000
The main Toronto Stock Exchange index closed at a record high Monday as energy firms gained.
By midday Monday the S&P/TSX Composite Index was above 16,000 as energy firms gained along with consumer staples and health care, although the latter sector lost ground later in the session.
When the market closed at 4pm ET, the main index was at 16,002.78 making it the first time it had closed above 16,000.
Canada’s equities have performed well with a 5% gain on the main index since the start of 2017 but the picture is less rosy when compared to its peers.
"The TSX has underperformed almost every major index in the world," David Baskin, president of Baskin Wealth Management, told CBC News. "The TSX has really lagged up until the last few weeks."
Wall Street has seen gains this year well into double-digits, although this has been skewed by the FANGs – Facebook, Amazon, Netflix and Google – without which the rise is more in line with Toronto.
The energy sector’s gains Monday came as oil continues to strengthen above $50 on expectation that OPEC will back an extension of its output caps beyond the current deal which ends in March.
“It’s definitely, I would have to say, buoyancy on the hope of growth,” Peggy Bowie, senior equity trader at Manulife Asset Management told The Canadian Press.
By midday Monday the S&P/TSX Composite Index was above 16,000 as energy firms gained along with consumer staples and health care, although the latter sector lost ground later in the session.
When the market closed at 4pm ET, the main index was at 16,002.78 making it the first time it had closed above 16,000.
Canada’s equities have performed well with a 5% gain on the main index since the start of 2017 but the picture is less rosy when compared to its peers.
"The TSX has underperformed almost every major index in the world," David Baskin, president of Baskin Wealth Management, told CBC News. "The TSX has really lagged up until the last few weeks."
Wall Street has seen gains this year well into double-digits, although this has been skewed by the FANGs – Facebook, Amazon, Netflix and Google – without which the rise is more in line with Toronto.
The energy sector’s gains Monday came as oil continues to strengthen above $50 on expectation that OPEC will back an extension of its output caps beyond the current deal which ends in March.
“It’s definitely, I would have to say, buoyancy on the hope of growth,” Peggy Bowie, senior equity trader at Manulife Asset Management told The Canadian Press.
