Canada Stocks End Week With Fresh Intra Day and Closing Highs and a Total of Near 800 Points In Gains; Complete a First Winning Week In A Month
04:06 PM EST, 02/05/2021 (MT Newswires) -- Canada's main stock market, the Toronto Stock Exchange, closed Friday up yet another near 94 points, back to well above the 18,100 level and having hit a fresh record intra day and closing high. Today, the resources heavy index also added to the near 720 points gained over the prior four sessions to round out a first winning week in a month.
According to Action Economics in its Canada Markets Summary, investors appear to be looking ahead to a vaccine driven recovery of the economy in the second half of 2021 even as back to back job drops in December and January jobs data didn't bode well for the near term.
Among sectors, Materials jumped near 1.9%, InfoTech gained near 1.1% and Financials rose near 0.2%.
Of commodities, gold pushed back above the US$1,800 mark on Friday after dropping below it a day earlier for the first time since late November, as the U.S. dollar weakened. Gold for April delivery settled up $21.80 to US$1,813.00 per ounce in Comex trade.
Meanwhile, West Texas Intermediate crude oil closed at a fresh year high, rising for a fight-straight session after the U.S. Senate took initial steps to pass the Biden Administration's US$1.9 trillion economic-relief package, promising rising demand as supply remains tight. WTI crude for March delivery settled up $0.62 to US$56.85 per barrel, Marketwatch reported. April Brent crude, the global benchmark, was last seen up $0.50 to US$59.34, while Western Canada Select was up $1.66 to US$46.36 per barrel.