/TSX set for best year since the global financial crisis after hitting another high
TSX set for best year since the global financial crisis after hitting another high

TSX set for best year since the global financial crisis after hitting another high

Canada’s main stock index rose to another record high on Friday as investors cheered upbeat economic data from China amid growing optimism over an initial U.S.-China trade deal.

At 9: 38 a.m. ET (1438 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was nearly unchanged at 17,176.73, after hitting a record high of 17,230.58 just after the opening bell.

Wall Street also opened at another record high, as optimism over U.S.-China trade relations and an improving global economy brightened investor sentiment going into the new year.

The Dow Jones Industrial Average rose 53.95 points, or 0.19 per cent, at the open to 28,675.34. The S&P 500 opened higher by 7.32 points, or 0.23 per cent, at 3,247.23, while the Nasdaq Composite gained 27.08 points, or 0.30 per cent, to 9,049.47 at the opening bell

The TSX index is set for its best year since the global financial crisis, powered by returning confidence in the global economy in the wake of an imminent U.S.-China trade truce and hopes of a smooth Brexit.

Shares of TC Energy Corp also hit an all-time high as private equity firm KKR & Co Inc and Alberta Investment Management Corp would jointly buy a 65 per cent stake in TC Energy’s Coastal GasLink Pipeline in Canada, KKR said on Thursday.

The energy sector climbed 0.8 per cent as U.S. crude prices were up 0.1 per cent a barrel, while Brent crude added 0.1%.

The materials sector, which includes precious and base metals miners and fertilizer companies, rose 0.1 per cent.

Gold steadied after rising to its highest in nearly two months earlier on Friday, as investors cautiously adjusted their positions in thin year-end trading, but the metal was still on path for its best week in more than four months. Spot gold was little changed at US$1,511.48 per ounce by 1252 GMT. U.S. gold futures rose 0.1 per cent to US$1,516.10 per ounce.

On the TSX, 121 issues were higher, while 108 issues declined for a 1.12-to-1 ratio favoring gainers, with 14.16 million shares traded.

The largest percentage gainers on the TSX were Osisko Gold Royalties Ltd and Semafo Inc, which rose about 2 per cent each. Hexo Corp fell 16.7 per cent to its lowest level in over two years after it announced a $25 million share offer. Cronos Group Inc, which fell 3.7 per cent, was the second-biggest decliner on the index.

Fourteen stocks posted new 52-week highs on the TSX, while one touched a new low.

© Thomson Reuters 2019

Original Source