Markets

TSX scales record high as energy, gold stocks gain

  • The energy sector climbed 1.1% as US crude rose 1.2%, while Brent crude added 1.1%.
  • Toronto Stock Exchange's S&P/TSX composite index was up 82.52 points, or 0.41%, at 20,023.91.
Published June 4, 2021

Canada's main stock index hit a record high on Friday, driven by gains in energy and gold stocks as underlying commodity prices firmed, although the country lost more jobs than expected in May due to lockdowns.

The energy sector climbed 1.1% as US crude rose 1.2%, while Brent crude added 1.1%.

The materials sector, which includes precious and base metals miners and fertilizer companies, added 1.4% as gold futures rose 0.6% to $1,883.2 an ounce.

At 09:37 a.m. ET (13:37 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 82.52 points, or 0.41%, at 20,023.91.

Canada lost 68,000 jobs in May, more than the average analyst prediction for a loss of 20,000. The unemployment rate climbed to 8.2%, Statistics Canada data showed.

A year into the pandemic, Canada's national statistics agency is updating how it measures inflation, using new types of data for the first time on bets that lockdown spending shifts will prevail.

The Canadian dollar strengthened against its US counterpart on Friday as oil prices rose and investors weighed US and Canadian employment data.

The financials sector remained unchanged. The industrials sector rose 0.2%.

On the TSX, 175 issues were higher, while 43 issues declined for a 4.07-to-1 ratio favouring gainers, with 14.33 million shares traded.

The largest percentage gainers on the TSX were Ivanhoe Mines Ltd, which jumped 5.5%, and Wesdome Gold Mines , which rose 4.4%.

Blackberry Ltd fell 3.2%, the most on the TSX, after meme stocks" rally appeared to fizzle out at the end of a second week of stunning gains.

The second biggest decliner was Organigram Holdings , down 1.5%.

The most heavily traded shares by volume were Great-West Lifeco, Bombardier Inc and Blackberry Ltd .

The TSX posted 9 new 52-week highs and no new lows.

Across all Canadian issues there were 63 new 52-week highs and one new low, with total volume of 24.55 million shares.

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