Multiple tailwinds help lift Toronto market to record high

·2 min read
FILE PHOTO: A sign board displaying Toronto Stock Exchange stock information is seen in Toronto

By Fergal Smith

TORONTO (Reuters) - Canada's main stock index scaled a record high on Friday, bolstered by higher resource prices and upbeat corporate earnings as well as domestic data showing further employment gains.

The Toronto Stock Exchange's S&P/TSX composite index ended up 113.69 points, or 0.5%, at 21,455.82, a record closing level. For the week, the index was up nearly 2%.

"The TSX has the wind at its back right now," said Colin Cieszynski, chief market strategist at SIA Wealth Management.

Higher oil prices, a move by Canada's financial regulator to lift curbs on capital distributions by financial institutions and "solid" domestic jobs data have helped underpin the index, Cieszynski added.

Canada added 31,200 jobs in October, building on blockbuster gains in previous months, and hours worked edged closer to their pre-pandemic levels.

A strong U.S. jobs report boosted Wall Street. It also notched record highs.

U.S. crude prices settled 3.1% higher at $81.27 a barrel after OPEC+ producers rebuffed a U.S. call to raise supply to cool the market, helping to lift energy shares.

The energy sector advanced 2.6%, while the materials group, which includes precious and base metals miners and fertilizer companies, added 1.6%.

Gold was up 1.4% at about $1,816 per ounce as major central banks' dovish tone on interest rates this week lifted the demand for the safe-haven metal.

Manulife Financial became the country's first financial company to announce the resumption of dividend increases. Its shares rose 1.4%.

Canada Goose Holdings Inc shares soared 19.3% after the company topped analyst expectations for second-quarter revenue and said it is eyeing a strong holiday season this year.

Shares of Canopy Growth Corp weighed on the healthcare sector, falling 11.7% after the pot producer pushed back its target for turning profitable.

(Reporting by Fergal Smith; Editing by David Gregorio)

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting