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Canada's main stock index moved further into record territory on a broad-based rally led by energy as crude prices climbed on increased demand from economic reopenings.
The S&P/TSX composite index gained 88.88 points to a record close of 20,138.35 after reaching 20,155.92 for the first time earlier in the day.
It marked the third consecutive week of gains as the Toronto market is up 15.5 per cent so far in 2021.
In New York, the Dow Jones industrial average was up 13.36 points at 34,479.60. The S&P 500 index was up 8.26 points at 4,247.44, while the Nasdaq composite was up 49.09 points at 14,069.42.
“While the overall trend in the markets is one of optimism and improved economic data and improved earnings data and so on, I think we're in a bit of state of flux right now,” said Philip Petursson, chief investment strategist at Manulife Investment Management.
We're in between first and second-quarter earnings seasons and higher inflation appears to be a short-term issue, while bond yields have dropped to their lowest levels in a few months.
“So overall we're still trending positively but I think we are going to see a little bit more, not necessarily choppy markets, but sideways markets potentially through the summer,” he said in an interview.
Materials was the lone sector on the TSX to be down on the day as gold prices fell due to a stronger U.S. dollar.
The August gold contract was down US$16.80 at US$1,879.60 an ounce and the July copper contract was up 5.25 cents at nearly US$4.54 a pound.
Consumer discretionary led the TSX, gaining 1.3 per cent as shares of Canadian Goose rose 4.6 per cent on a strong rebound from store reopenings in parts of its network and a diversification of its business to selling more than just heavy winter coats.
Energy was close behind as crude oil prices rose after surpassing US$71 a barrel earlier in the day and closing up more than 46 per cent year-to-date.
The July crude contract was up 62 cents at US$70.91 per barrel and the July natural gas contract was up 14.7 cents at US$3.30 per mmBTU.
Shares of Tourmaline Oil Corp. surged 8.1 per cent after the Calgary company announced it signed a deal to buy Black Swan Energy Ltd. for $1.1 billion in stock and debt.
Energy allowed the TSX to outpace its U.S. counterparts Friday.
“When oil markets do well, the TSX does well historically and the TSX tends to outperform the U.S. when we are in an accelerating growth and accelerating inflationary environment, which is what we are in today,” Petursson said.
He said oil prices have moved higher because U.S. supply hasn't rebounded strongly and demand is increasing with a rise in COVID-19 vaccinations that is prompting a winding down of lockdowns, such as began in Ontario on Friday.
“So you do have strong demand and you have tighter supply that is driving the price of oil above where I would say most expectations were at the start of the year.”
The Canadian dollar traded for 82.32 cents US compared with 82.69 cents US on Thursday.
Although North American stock markets have moved modestly higher, Petursson said markets have hit the summer lull, with little news to get excited about.
“Overall, it's a typical summer day.”
This report by The Canadian Press was first published June 11, 2021.
Why is H5N1, or bird flu, a concern, how does it spread, and is there a vaccine? Here are the answers to some frequently asked questions about avian influenza.
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