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


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