Canada markets close in 2 hours 39 minutes
  • S&P/TSX

    19,025.02
    -197.72 (-1.03%)
     
  • S&P 500

    3,802.66
    -18.89 (-0.49%)
     
  • DOW

    30,921.35
    -25.64 (-0.08%)
     
  • CAD/USD

    0.7757
    -0.0011 (-0.15%)
     
  • CRUDE OIL

    111.32
    -0.44 (-0.39%)
     
  • BTC-CAD

    25,729.05
    -999.71 (-3.74%)
     
  • CMC Crypto 200

    429.54
    -10.12 (-2.30%)
     
  • GOLD FUTURES

    1,817.70
    -3.50 (-0.19%)
     
  • RUSSELL 2000

    1,710.27
    -28.57 (-1.64%)
     
  • 10-Yr Bond

    3.1150
    -0.0910 (-2.84%)
     
  • NASDAQ

    11,112.26
    -69.28 (-0.62%)
     
  • VOLATILITY

    29.05
    +0.69 (+2.43%)
     
  • FTSE

    7,312.32
    -11.09 (-0.15%)
     
  • NIKKEI 225

    26,804.60
    -244.87 (-0.91%)
     
  • CAD/EUR

    0.7419
    +0.0083 (+1.13%)
     

Toronto market ends weekly losing streak as utilities climb

  • Oops!
    Something went wrong.
    Please try again later.
·2 min read
Toronto Stock Exchange's S&P/TSX composite index rises to a record high
In this article:
  • Oops!
    Something went wrong.
    Please try again later.

By Fergal Smith

TORONTO (Reuters) - Canada's main stock index rose on Friday, helped by gains for the utilities and energy sectors, but sentiment remained fragile as U.S. stocks flirted with territory that would confirm a bear market.

The Toronto Stock Exchange's S&P/TSX composite index ended up 15.69 points, or 0.1%, at 20,197.61, after clawing back earlier losses. For the week, the index was up 0.5%, ending a streak of seven straight weekly declines.

"It feels that people are in give-up mode which is what you need to see for some capitulation selling in the market," said Greg Taylor, a portfolio manager at Purpose Investments. "Markets are looking overdue for some bounce."

U.S. benchmark the S&P 500 fell at one point over 20% from its Jan. 3 record high close before closing with a very slight gain. Closing down 20% from that record level would confirm the index has entered a bear market.

"We are starting to see some positives with (bond) yields starting to pull back a little bit in the U.S," Taylor said.

The U.S. 10-year yield has fallen about 40 basis points from a 3.2% peak it touched earlier this month. Investors have worried that higher borrowing costs will clip economic growth.

Utilities, which tend to benefit from lower bond yields, rose 0.9%, while the consumer staples sector added 0.7%.

The price of oil, one of Canada's major exports, settled 0.9% higher at $113.23 a barrel as a planned European Union ban on Russian oil countered growth concerns. That helped boost the Toronto market's energy sector, which gained 0.5%.

Technology was a drag, falling 0.3%. It included a decline of 7.1% for e-commerce giant Shopify Inc.

The materials group, which includes precious and base metals miners and fertilizer companies, lost nearly 1%.

(Reporting by Fergal Smith in Toronto; Additional reporting by Amal S in Bengaluru; Editing by Matthew Lewis)

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