A currency trader passes by screens showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won, center, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Monday, June 7, 2021. THE CANADIAN PRESS/AP-Ahn Young-joon

TSX posts more records on broad gains as crude surpasses US$70 a barrel

TSX posts more records on broad gains as crude surpasses US$70 a barrel

TORONTO — Canada’s main stock index had another record day on broad gains as crude oil futures settled above US$70 a barrel for the first time since the October 2018.

The S&P/TSX composite index gained 30.62 points to a record close of 20,065.92 after setting an intraday high of 20,106.20.

The Toronto stock market is up more than 15 per cent so far in 2021.

In New York, the Dow Jones industrial average was down 30.42 points at 34,599.82. The S&P 500 index was up 0.74 of a point at 4,227.26, while the Nasdaq composite was up 43.19 points at 13,924.91.

It was generally a very quiet day on markets with little news to drive activity.

“It’s just one of those kind of typical June days,” said Colin Cieszynski, chief market strategist at SIA Wealth Management.

The Bank of Canada meets Wednesday ahead of gatherings by other central banks, including the U.S. Federal Reserve.

The Canadian bank isn’t expected to adjust interest rates or increase its tapering of monetary supply.

The U.S. bank will study Thursday’s inflation numbers before its meeting the following week.

Canada posted a surprise $594-million merchandise trade surplus in April even as both imports and exports fell as the auto sector was hurt by a shortage of computer chips.

The report didn’t hurt markets, Cieszynski said in an interview.

“If nothing else, it was a little bit of good news to help keep the market going.”

Seven of the 11 major sectors on the TSX were up, led by industrials, real estate, technology and energy.

Industrials climbed as Air Canada shares gained 6.3 per cent amid a continuing economic reopening and discussion by federal authorities about a reopening of the border.

Prime Minister Justin Trudeau said Tuesday that Canada will eventually take steps to ease border restrictions for fully vaccinated people, but did not give a date.

“If that happens, that’s certainly beneficial for Air Canada,” Cieszynski said.

Ottawa may have dipped its toe in that direction by agreeing this week to issue a travel exemption to allow the Montreal Canadiens and an American counterpart hockey team to cross the border during the third and final rounds of the NHL playoffs.

Energy was up as crude oil prices rose to its highest level in more than 2 1/2 years on growing demand and a controlled increase in supply.

The July crude contract was up 82 cents at US$70.05 per barrel and the July natural gas contract was up 5.8 cents at US$3.13 per mmBTU.

Shares of Cenovus Energy Inc. rose 4.2 per cent.

A potential nuclear deal with Iran isn’t expected to be reached quickly, which has allowed prices to move higher.

The Canadian dollar traded for 82.67 cents US compared with 82.83 cents US on Monday.

Technology was also higher with Lightspeed POS Inc. up 2.6 per cent after announcing two new acquisitions.

Materials slipped as a strong U.S. dollar weighed on gold prices.

The August gold contract was down US$4.40 at US$1,894.40 an ounce and the July copper contract was up nearly three cents at US$4.56 a pound.

This report by The Canadian Press was first published June 8, 2021.

Companies in this story: (TSX:LSPD, TSX:AC, TSX:CVE, TSX:GSPTSE, TSX:CADUSD=X)

Ross Marowits, The Canadian Press

Business

Just Posted

The Sylvan Lake Gulls celebrate a sixth inning home run from Nolan Weger on Sunday during a game against the Edmonton Prospects. (Photo by BYRON HACKETT/Advocate Staff)
Historic opening weekend for Sylvan Lake Gulls

It wasn’t perfect, but perhaps that was the beauty of it. Fans… Continue reading

The Government of Alberta identified 115 new COVID-19 cases Sunday, bringing the provincial total to 3,089.
(Black Press file photo)
Alberta reports 100 new cases of COVID-19

The Central zone sits at 218 active cases

Three Hills RCMP recovered stolen copper wire during recent investigation near Kneehill. (File photo by Advocate staff)
Fatal ATV rollover near Innisfail Saturday

A 77-year-old man from Red Deer County died Saturday after an ATV… Continue reading

Firefighters and emergency services workers helped celebrate Barry Young’s 85th birthday at Timberstone Mews on May 29. (Photo by Sean McIntosh/Advocate staff)
Firefighters in central Alberta make birthdays special

A fire truck arriving outside your house is not normally good news.… Continue reading

A view of Two Jack Lake in Banff National Park is shown in this undated handout photo. More Canadians are expected to leave their passports at home this summer and hit the road in Canada as the weak loonie and low gas prices prompt a deeper exploration of their own country. THE CANADIAN PRESS/HO - Travel Alberta *MANDATORY CREDIT*
Report: Alberta losing residents to other parts of Canada

As the COVID-19 pandemic slowly winds down in Alberta, residents are continuing… Continue reading

A large number of supporters were out Saturday at a rally intended to bring awareness about including Hinduism in the grade 2 portion of the K-6 draft curriculum. As it stands now, Hinduism won’t be taught until grade 6 in the proposed draft curriculum. (Photo by BYRON HACKETT/Advocate Staff)
Video: Rally to support adding Hinduism to draft curriculum draws crowd in Red Deer

The Hindu community in Red Deer came out in droves on Saturday… Continue reading

Orange shirts, shoes, flowers and messages are displayed on the steps outside the legislature in Victoria, B.C., on Tuesday, June 8, 2021 following a ceremony hosted by the Songhees and Esquimalt First Nations in honour of the 215 residential school children whose remains have been discovered buried near the facility in Kamloops, B.C. THE CANADIAN PRESS/Chad Hipolito
Alberta city cancels Canada Day fireworks at site of former residential school

City of St. Albert says that the are where the display was planned, is the site of the former Youville Residential School

Barbara Violo, pharmacist and owner of The Junction Chemist Pharmacy, draws up a dose behind vials of both Pfizer-BioNTech and Oxford-AstraZeneca COVID-19 vaccines on the counter, in Toronto, Friday, June 18, 2021. An independent vaccine tracker website founded by a University of Saskatchewan student says just over 20 per cent of eligible Canadians — those 12 years old and above — are now fully vaccinated. THE CANADIAN PRESS/Nathan Denette
At least 20% of eligible Canadians fully vaccinated, 75% with one dose: data

Earlier projections for reopening at this milestone didn’t include Delta variant

This undated file photo provided by Ernie Carswell & Partners shows the home featured in the opening and closing scenes of The Brady Bunch in Los Angeles. Do you know the occupation of Mike Brady, the father in this show about a blended family? (Anthony Barcelo/Ernie Carswell & Partners via AP, File)
QUIZ: A celebration of dad on Father’s Day

How much do you know about famous fathers?

Germany's Robin Gosens, left, celebrates Germany's Mats Hummels after scoring his side's fourth goal during the Euro 2020 soccer championship group F match between Portugal and Germany at the football arena stadium in Munich, Saturday, June 19, 2021. (Matthias Hangst/Pool Photo via AP)
Germany clicks at Euro 2020 with 4-2 win over Portugal

MUNICH (AP) — Germany finally clicked into gear at the European Championship,… Continue reading

Fans cheer on their team during the pre-game warmup of Game 3 of the NHL Stanley Cup semifinal with the Montreal Canadiens facing the Vegas Golden Knights, in Montreal, Friday, June 18, 2021. THE CANADIAN PRESS/Paul Chiasson
COVID-19 concerns give way to Habs Fever in Quebec as Montreal continues playoff run

MONTREAL — The sun hadn’t yet risen in Montreal on Friday morning… Continue reading

Coronavirus cases are on the rise from India to South Africa and Mexico, in a May 19, 2020 story. (Photo by THE ASSOCIATED PRESS)
As Brazil tops 500,000 deaths, protests against president

RIO DE JANEIRO (AP) — Anti-government protesters took to the streets in… Continue reading

A black bear cub forages for food along a salmon stream below a bear viewing spot for tourists in the Mendenhall Glacier Recreation Area in Juneau, Alaska.  (File photo by THE ASSOCIATED PRESS)
Bandit responsible for vehicle break-ins is a black bear

THORNTON, N.H. (AP) — Surveillance video helped police get to the bottom… Continue reading

FILE - In this April 25, 2019 file photo, Editor Rick Hutzell, center, gives a speech to his staff including Chase Cook, Nicki Catterlin, Rachael Pacella, Selene San Felice and Danielle Ohl at the Capital Gazette in Annapolis, Md. The editor of the Capital Gazette, which won a special Pulitzer Prize citation for its coverage and courage in the face of a massacre in its newsroom, is leaving the Maryland newspaper. Hutzell, who worked at the Annapolis paper for more than three decades, authored a farewell column that was published on the paper's website Saturday, June 19, 2021. (Ulysses Muoz/The Baltimore Sun via AP)
Editor of paper that endured newsroom shooting says goodbye

ANNAPOLIS, Md. (AP) — The editor of the Capital Gazette, which won… Continue reading

Most Read