Published: Thu, August 11, 2016
Economy | By Melissa Porter

Toronto stock market climbs on higher crude

Toronto stock market climbs on higher crude

Aug 10 Canada's main stock index rose on Wednesday to a fresh 13-month high, led by the materials group as gold rallied.

The Toronto Stock Exchange has taken a pause this morning following several days of gains.

Fehr noted that OPEC wants to stabilize oil prices, but also doesn't want to risk losing market share to the US, which has increased its shale production in recent years. WTI light sweet crude oil for September was up 25 cents at $43.25 a barrel.

"The general notion is that the supply glut might be here to stay", said Paul Vaillancourt, executive vice-president at Fiera Capital Private Wealth in Calgary.

The company's share price is still far below its 52-week high of $333.44 a year ago, when it was one of Canada's most valuable publicly traded companies.

"There's been plenty of opportunities for OPEC members to cut if they so chose to in the a year ago and a half", he said.

"Any sort of bad news or negative news is going to push the markets down a little bit", he said.

Lower oil left the loonie unscathed as the US dollar weakened.

The Canadian dollar added 0.35 of a USA cent to 76.55 cents US.

In New York, the broader S&P 500 composite index barely dipped, falling by 1.98 points to 2,180.89, while the Nasdaq composite lost 7.98 points to 5,213.14.

The market was helped by the September crude contract, which was up $1.22 at US$43.02 per barrel after OPEC announced it will hold its next meeting in September, two months ahead of schedule.

September copper contracts fell a cent to US$2.15 a pound, while December gold contracts rose $5.40 to US$1,346.70 an ounce.

Like this: