CANADA STOCKS-Toronto market snaps weekly losing streak as investors buy the dip

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* TSX ends at 0.10 of a point

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* For the week, the index rose 1.3%

* Energy climbs to highest level since May 2019

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*Technology ends up about 2% less

TORONTO, Oct 8 (Businesshala) – Canada’s main stock index was almost unchanged on Friday, hanging on to its weekly advance as investors looked to a seasonally strong period outlook for the market and a strong post-home job growth. indicated economic recovery.

The Toronto Stock Exchange’s S&P/TSX Composite Index gained 0.10 points to close at 20,416.31, its highest closing level since September 27. It was up 1.3% for the week after four consecutive weeks of losses.

“People are buying dips, which has been going on for some time now,” said Steve Palmer, chief investment officer at Alpha North Asset Management.

“We are approaching a seasonally strong period for stocks,” Palmer said. “Once we get out of the September-October period, things are going to start upwards again.”

The Toronto market has gained 17.1% so far this year on hopes of an economic recovery. Canada’s economy posted a monster gain of 157,000 jobs in September, pushing employment back to its pre-pandemic levels.

The S&P 500 eased slightly after showing weaker-than-expected job growth in September, yet investors still expected the Federal Reserve to begin reducing asset purchases this year.

Adding support for the TSX has propelled oil prices higher this year. US crude oil futures closed 1.3% higher on Friday at $79.35 a barrel, while energy stocks climbed 1.8% to their highest level since May 2019.

Heavily-weighted financials advanced 0.6%, while technology ended down about 2%.

One of the biggest declines was Dye & Durham Ltd. The company said it would not opt ​​for any strategic changes, including the sale, which declined 5.8% in response to a management-led buyout offer after the software maker ended its strategic review. . (Reporting by Fergal Smith; Additional reporting by Shashank Nair in Bengaluru; Editing by Sonya Heppinstall)


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