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dated: 2022-11-25 00:24:11 .
TORONTO – Canada’s main stock index posted small but broad-based gains Thursday on a mild day for markets amid the Thanksgiving holiday south of the border.
Volumes on the TSX were light Thursday as U.S. markets were closed for the holiday, and with Friday’s early close in New York, it’s likely to be a slow end to the week, said Michael Currie, senior investment adviser at TD wealth.
The S&P/TSX composite rose 61.81 points to 20,344.07, with small gains across most sectors on the TSX.
One story for markets was the Bank of Canada governor’s appearance before lawmakers in Ottawa on Wednesday night, Currie said, where he stood by his assertions and reiterated the need to keep raising interest rates.
Tiff Macklem said the Bank of Canada is on track to lose money for the first time in its history, but insisted it won’t change central bank policy to fight inflation. Currie said this new development is a sign of unprecedented times, but Macklem “seems to play it down.”
Meanwhile, former Bank of Canada Governor Stephen Poloz said in a speech Thursday that the economy is more sensitive to interest rates today than it was a decade ago.
The Canadian dollar traded at 74.97 US cents on Wednesday, compared with 74.67 US cents.
The January crude oil contract was down 3.01 cents at $77.94 a barrel, and the January natural gas contract was down 30 cents at $7.71 a mmBTU.
Talks to cap Russian oil prices are ongoing, and U.S. inventories were higher last week, Currie said. He said he expects the two factors to put pressure on oil, but said prices did not actually fall that much on Thursday.
Currie noted that while the TSX is only down about four percent year-to-date, most of the weight gain is the result of big energy gains.
“It was a really, really big win for the year,” he said.
There could be a little more volatility next week, as is typical toward the end of the month, Currie said, but he is relatively optimistic about the rest of 2022.
“Historically, the indicators would say we’re probably in pretty good shape,” he said.
The December gold contract was up $5.70 at $1,745.60 an ounce, and the December copper contract was up less than half a cent at $3.62 a pound.
This Canadian Press report was first published on November 24, 2022.
Company in this story: (TSX:GSPTSE, TSX:CADUSD=X)
The S&P/TSX Composite edged up slightly on Thursday as US markets close for Thanksgiving
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