Toronto market rises for day three as technology picks up

  • The TSX ends up 64.75 points, or 0.3%, at 21,613.18
  • Nine of TSX’s top 11 groups rise
  • Technology gains 0.7%; financials finished up 0.4%
  • Materials lose 0.2%

TORONTO, Nov. 25 (Reuters) – The main Canadian stock index rose on Thursday in lighter-than-usual trading as heavily weighted financial and tech stocks contributed to widespread gains.

The Toronto Stock Exchange‘s S & P / TSX Composite Index (.GSPTSE) ended up 64.75 points, or 0.3%, at 21,613.18, adding to the gains on Tuesday and Wednesday.

With US markets closed for Thanksgiving, trading volume was the lowest since July 5.

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“We still think we are in a secular bull market,” said Irwin Michael, portfolio manager at ABC Funds. “Economic growth continues. We do not expect a recession at this point.”

Payroll employment in Canada increased by 91,100 in September, the fourth consecutive monthly increase, according to Statistics Canada data.

The Canadian equity benchmark, which hit record highs this month, ran out of steam last week, hit by weakness in commodities and the resurgence of COVID-19 cases in Europe threatening to slow the global economic recovery.

Still, the index has risen 24% year-to-date, almost matching the gains of the S&P 500.

“Those investors who missed out on a big rally, they might want to hedge,” said Michael, referring to the practice of buying winning stocks and selling losing stocks before a benchmark period, like the end of the market. year.

Nine of the TSX’s top 11 sectors were up Thursday, including a 0.7% gain for technology and a 0.4% lead for financials. Together, financial services and technology account for about 46% of the Toronto market.

Energy rose 0.2% despite falling crude oil prices as investors watched the reaction of major producers to the US-led emergency oil release designed to cool the market. Read more

The materials group, which includes precious and base metal miners and fertilizer companies, lost 0.2%.

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Reporting by Fergal Smith; Additional reporting by Amal S in Bangalore; edited by Jonathan Oatis

Our Standards: Thomson Reuters Trust Principles.

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