Canadian Stocks Rise for Third Day, Energy Sector Leads

Strategic Insights -

Toronto's stock market continued its upward momentum on Thursday, marking its third consecutive day of gains. The S&P/TSX Composite Index surged 93.47 points, or 0.70 percent, to close at 13,434.30. The energy sector led the charge, with Suncor Energy Inc. climbing 2.48 percent, while the financials sector also saw significant gains, with Manulife Financial Corp. advancing 1.38 percent.

Meanwhile, data from Statistics Canada revealed that the number of people receiving regular employment insurance benefits decreased by 18,100, or 3.0 percent, in May to 577,300. This marked the eighth consecutive decline.

Key Takeaways:

  • The S&P/TSX Composite Index rose 93.47 points, or 0.70 percent, to close at 13,434.30, marking its third consecutive day of gains.
  • The energy sector led the charge, with Suncor Energy Inc. climbing 2.48 percent, and the energy sector index gaining 1.47 percent.
  • The financials sector also saw significant gains, with Manulife Financial Corp. advancing 1.38 percent.
  • Research In Motion Ltd., the maker of BlackBerry, rallied 4.35 percent.
  • The S&P/TSX Venture Composite Index closed up 21.19 points, or 1.05 percent, at 2,039.05.
  • The number of people receiving regular employment insurance benefits decreased by 18,100, or 3.0 percent, in May to 577,300, marking the eighth consecutive decline.
  • The Canadian dollar appreciated further against its U.S. counterpart, with one U.S. dollar buying 0.9433 Canadian dollars at 5 p.m. local time (2200 GMT) on Thursday compared to 0.9474 Canadian dollars on Wednesday.

Statistics:

  • The S&P/TSX Composite Index gained 93.47 points, or 0.70 percent, to close at 13,434.30.
  • The energy sector index rose 1.47 percent.
  • Suncor Energy Inc. climbed 2.48 percent.
  • Manulife Financial Corp. advanced 1.38 percent.
  • Research In Motion Ltd. rallied 4.35 percent.
  • The S&P/TSX Venture Composite Index gained 21.19 points, or 1.05 percent, to close at 2,039.05.
  • The number of people receiving regular employment insurance benefits decreased by 18,100, or 3.0 percent, to 577,300 in May.
  • One U.S. dollar was buying 0.9433 Canadian dollars at 5 p.m. local time (2200 GMT) on Thursday compared to 0.9474 Canadian dollars on Wednesday.

Sources:

  • Xinhua News Agency
  • Statistics Canada
  • Comtex SmarTrend Alert (automated pattern recognition system)
  • Comtex News Network, Inc.