Toronto stock market caps wild week by closing higher for fifth straight week

Toronto stock market caps wild week by closing higher for fifth straight week

Toronto stock market caps wild week by closing higher for fifth straight week

TORONTO — Canada’s main stock index capped a wild week of trading by closing higher for a fifth consecutive week.

“What we’re basically seeing here is just the markets kind of consolidating after what’s been a pretty crazy week particularly in the energy markets,” said Colin Cieszynski, chief market strategist at SIA Wealth Management.

Benchmark U.S. oil futures prices fell into negative territory for the first time in history on Monday. Oil prices for the June contract have risen more than 46 per cent since falling to a 21-year low on Tuesday, but remain down about 72 per cent since the beginning of the year.

The decrease stems from lower global demand as people are staying home in a bid to stop the spread of COVID-19.

The June crude contract was up 44 cents or 2.7 per cent Friday at US$16.94 per barrel and the June natural gas contract was down 4.7 cents at US$1.90 per mmBTU.

The TSX energy index fell by less than one percentage point after Thursday’s large gain as investors pocketed some profits.

It moved lower as Secure Energy Securities Inc. and Frontera Energy Corp. lost 8.3 and 8.1 per cent respectively.

“I’m calling today kind of backing and filling. We’ve had some good moves and today we’re just kind of consolidating,” Cieszynski said in an interview.

Nine of the other major sectors on the TSX were higher, led by health care, technology and materials. Utilities dipped slightly.

Materials gained 1.9 per cent, with Interfor Corp. rising 8.7 per cent, First Quantum Minerals Ltd. up 8.2 per cent and Torex Gold Resources Inc. seven per cent higher.

The June gold contract was down US$9.80 at US$1,735.60 an ounce and the May copper contract was up 2.5 cents at US$2.34 a pound.

The S&P/TSX composite index gained 169.27 points at 14,420.36. That’s a 60.48-point increase in a week and 28 per cent since the March 23 low.

In New York, the Dow Jones industrial average was up 260.01 points at 23,775.27. The S&P 500 index was up 38.94 points at 2,836.74, while the Nasdaq composite was up 139.77 points at 8,634.52.

Markets have moved from huge swings of more than 1,000 points a month ago to trading with much lower volumes.

“We’re kind of moving from the phase where there was huge amounts of uncertainty into a phase where news is coming out and people are just kind of trying to make sense of it all,” Cieszynski said.

The Canadian dollar traded for 70.97 cents US compared with an average of 71.11 cents US on Thursday.

Some of the earnings reports out of the U.S. haven’t been too bad but the unwillingness of firms to give guidance is creating uncertainty.

That’s keeping a lid on stocks despite growing anticipation about the economy gradually starting to reopen, said Cieszynski.

“We’ve kind of switched from panic to euphoria to just kind of general uncertainty as people are almost more like deer caught in the headlights now and waiting to see what happens next, because nobody’s really quite sure still what to make of a lot of this.”

This report by The Canadian Press was first published April 24, 2020.


Ross Marowits, The Canadian Press


Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

The Rimbey Food Bank recently received a grant which went to the purchase of a new freezer and shelving

‘Also, our first Cultured Chef was filmed and will be out on social media and our web site Friday’

Supporters gather outside GraceLife Church near Edmonton, Alta., on Sunday, April 11, 2021. The church has been fenced off by police and Alberta Health Services in violation of COVID-19 rules. THE CANADIAN PRESS/Jason Franson
Hundreds gather to support Alberta church shut down for ignoring COVID-19 orders

GraceLife Church and its pastor, are charged for holding services that break health restrictions

Asymptomatic testing will now be available for "priority groups" who are most likely to spread the COVID-19 virus to vulnerable or at-risk populations. File photo by THE CANADIAN PRESS
Alberta identifies 1,183 new COVID-19 cases on Sunday

50.5% of all active cases are variants of concern

Conservative leader Erin O’Toole holds a press conference on Parliament Hill in Ottawa on Tuesday, April 6, 2020. Top Tory leaders of past and present will speak with supporters today about what a conservative economic recovery from COVID-19 could look like. THE CANADIAN PRESS/Sean Kilpatrick
O’Toole to vote against Conservative MP’s private bill on ‘sex-selective abortion’

Erin O’Toole said he supports a woman’s right to choose and will personally vote against the private member’s bill

Titanic was the largest and most luxurious ship in the world. Photo provided and colourized by Jiri Ferdinand.
QUIZ: How much do you know about the world’s most famous shipwreck?

Titanic sank 109 years ago today, after hitting an iceberg

A health-care worker holds up a vial of the AstraZeneca Covishield vaccine at a COVID-19 vaccination clinic in Montreal, Thursday, March 18, 2021. THE CANADIAN PRESS/Paul Chiasson
PHAC receives first report of blood clot linked to AstraZeneca

The federal agency says the person is now recovering at home

A real estate sign is pictured in Vancouver, B.C. THE CANADIAN PRESS Jonathan Hayward
1 in 3 young Canadians have given up on owning a home: poll

Data released Monday says 36% of adults younger than 40 have given up on home ownership entirely

Dr. E. Kwok administers a COVID-19 vaccine to a recipient at a vaccination clinic run by Vancouver Coastal Health, in Richmond, B.C., Saturday, April 10, 2021. THE CANADIAN PRESS/Jonathan Hayward
Most Canadians plan to get COVID-19 vaccine, but safety fears drive hesitancy: poll

This comes as confidence in governments is plummeting in provinces being hit hardest by the pandemic

Marathon of Hope runner Terry Fox is shown in a 1981. (THE CANADIAN PRESS/CP)
Terry Fox’s legacy of resilience resonates during COVID-19 crisis, says brother

Fred Fox said his brother’s legacy of resilience has taken on renewed resonance as COVID-19 rages on

Madelyn Boyko poses along with a number of the bath bombs she makes with her mom, Jessica Boyko. Madelyn says she enjoys making the bath bombs with her mom as it is a special time for just the two of them. (Photo Submitted)
5-year-old Sylvan Lake girl selling bath bombs in support of younger brother

Madelyn Boyko is selling bath bombs for CdLS research in honour of her younger brother

A sign on a shop window indicates the store is closed in Ottawa, Monday March 23, 2020. The Canadian Federation of Independent Business is raising its estimate for the number of businesses that are considering the possibility of closing permanently. THE CANADIAN PRESS/Adrian Wyld
Small business struggling amid COVID-19 pandemic looks for aid in Liberals’ budget

President Dan Kelly said it is crucial to maintain programs to help businesses to the other side of the pandemic

The National Security and Intelligence Committee of Parliamentarians says that includes attempts to steal Canadian research on COVID-19 and vaccines, and sow misinformation. (AP Photo/Esteban Felix)
Intelligence committee warns China, Russia targeting Canadian COVID-19 research

Committee also found that the terrorist threat to Canada has shifted since its last such assessment

Most Read