Home Economy News TSX extends weekly winning streak as commodities break higher

TSX extends weekly winning streak as commodities break higher


TSX extends weekly winning streak as commodities break higher By Reuters

Breaking News



Published Mar 15, 2024 07:25AM ET
Updated Mar 15, 2024 06:01PM ET

© Reuters. FILE PHOTO: A sign board displaying Toronto Stock Exchange (TSX) stock information is seen in Toronto June 23, 2014. REUTERS/Mark Blinch/File Photo

By Fergal Smith

(Reuters) -Canada’s main stock index edged higher on Friday to notch its fifth straight weekly gain, led by gains for the materials group as copper prices climbed to a near one-year high.

The Toronto Stock Exchange’s S&P/TSX composite index ended up 19.3 points, or 0.1%, at 21,849.15, trading near its highest closing level since April 2022.

For the week, the index was up 0.5%. The weekly winning streak was the longest in 11 months.

“The big thing we’re seeing is a nice rotation into some of the cyclicals,” said Greg Taylor, a portfolio manager at Purpose Investments.

“That had been something that held back the TSX for the last six months … but this week has been pretty positive with oil going over 80 bucks and copper breaking out over 4 (dollars).”

Copper rose 2% to trade at its highest level since April last year as investors weighed a potential output cut in top producer China, while oil settled at $81.04 a barrel, trading near a four-month high.

Resource shares have a roughly 30% weighting on the Toronto market. The materials group, which includes precious and base metals miners and fertilizer companies, added 1%.

“We are seeing that rotation as the techs and semis (semiconductor stocks) that have been leading are coming under a little pressure,” Taylor said.

The technology sector fell 0.8%, with shares of BlackBerry (NYSE:BB) Ltd falling 7.7%. Still, the sector has gained 6.5% since the start of the year.

TSX extends weekly winning streak as commodities break higher

Our Apps

Terms And Conditions
Privacy Policy
Risk Warning
Do not sell my personal information

© 2007-2024 Fusion Media Limited. All Rights Reserved.

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

Related News