Skip to content
18.8 °Cforecast >
Mostly Cloudy

Major North American markets relatively flat, loonie breaks 80 cents US

TORONTO — Canada's largest main stock index capped off Friday with a modest loss, as the loonie gained ground on the U.S. dollar. The Toronto Stock Exchange's S&P/TSX composite index shed 20.17 points to 15,055.99.
0

TORONTO — Canada's largest main stock index capped off Friday with a modest loss, as the loonie gained ground on the U.S. dollar.

The Toronto Stock Exchange's S&P/TSX composite index shed 20.17 points to 15,055.99.

"There's no catalyst there to take the TSX higher right now and it's been that way for most of the year," said Allan Small, a senior investment adviser at Holliswealth.

He said many of the heavily-weighted sectors that compose the index haven't been performing strongly and anticipates the lack of momentum will continue in the final few months of the year.

Still, Small added, bank stocks could potentially pull the TSX into positive territory for 2017 if interest rates rise in both Canada and the U.S.

In New York, the markets were mixed. The Dow Jones industrial average advanced 30.27 points to 21,813.67 and the S&P 500 index rose 4.08 points to 2,443.05. The Nasdaq composite index, meanwhile, fell 5.69 points 6,265.64.

Despite the relatively flat ending to the week, Small noted that Bay Street and Wall Street finished higher than their closing last Friday, Aug. 18.

The weekly gain likely came from an increased belief that the U.S. administration may be able to pass some tax reform measures, he said.

"I think some are now hinting that something could get done by the end of the year," Small said, adding the market stands to get "a huge boost" if that happens.

In currency markets, the Canadian dollar was trading at an average price of 80.05 cents US, up 0.24 of a U.S. cent. It broke the 80-cent mark for the first time since July 31, when it was trading at an average price of 80.10 cents US.

That growth has come on the back of a weakening greenback, said Small.

In commodities, the October crude contract advanced 44 cents to US$47.87 per barrel and the October natural gas contract declined 5.8 cents to US$2.92 per mmBTU.

The December gold contract gained $5.90 to US$1,297.90 an ounce and the September copper contract was relatively unchanged at $3.03 a pound.

By Aleksandra Sagan in Vancouver.

 

Follow @AleksSagan in Vancouver.

The Canadian Press



More National Business