Money Energy stocks help lift Toronto market

23:31  10 july  2018
23:31  10 july  2018 Source:

Toronto stocks close lower, loonie up

  Toronto stocks close lower, loonie up Canada's main stock index closed lower on a day that saw big swings in the oil price while U.S. stocks were down on a shortened trading day ahead of the U.S. July 4 holiday. Oil was initially trading higher Tuesday, cresting US$75 a barrel for the first time since 2014 before it fell after comments by Saudi Arabia about increasing production, said Craig Jerusalim, portfolio manager at CIBC Asset Management."There were indications they had agreed to pump more oil. There had been some soft pressures from the U.S. in the form of tweets suggesting that that's a direction they wanted them to go.

The energy sector helped lift Canada's main stock index in late-morning trading, while U.S. markets were lower amid rising trade tensions between the U.S. and China.

The energy sector helped Canada's main stock index close higher, while the loonie soared after the latest rate announcement by the Bank of Canada.

  Energy stocks help lift Toronto market © Provided by

TORONTO - Energy stocks helped lift Canada's main stock index to another record close as the price of oil also ticked higher, while the loonie was down a touch ahead of the Bank of Canada's interest rate decision Wednesday.

The S&P/TSX composite index closed up 96.38 points at 16,548.72 to top the record close set a day earlier. In New York, the Dow Jones industrial average ended up 143.07 points at 24,919.66.

The S&P 500 index closed up 9.67 at 2,793.84 and the Nasdaq composite index was up 3 points at 7,759.20.

The Canadian dollar averaged 76.19 cents US, down 0.16 of a US cent.

The August crude contract closed up 26 cents at US$74.11 per barrel and the August natural gas contract was down four cents at US$2.79 per mmBTU.

The August gold contract ended down $4.20 at US$1,255.40 an ounce and the September copper contract was down a penny at US$2.84 a pound.

Toronto market ticks lower, loonie moves down .
Canada's main stock index closed down along with the loonie as the energy and consumer staples sectors lost ground, while U.S. markets were mixed. The modest uptick in most U.S. markets Wednesday was a small part of a continued widening of the performance gap of Canadian and other international markets against the U.S. that's persisted this year, said Michael Currie, vice-president and senior investment advisor at TD Wealth.

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