Fogal Smith
Jan. 20 (Reuters) – Canada’s main stock index rose to its highest close in more than seven weeks on Friday, as technology shares rallied and higher commodity prices boosted resource stocks.
Toronto Stock Exchange S&P/TSX Composite Index .GSPTSE It closed up 161.77 points, or 0.8 percent, at 20,503.21, its highest close since Dec. 1. For the week, the index rose 0.7%, its third straight weekly gain.
major US stock indexes The tech-heavy Nasdaq also ended higher after Netflix reported quarterly earnings.
Greg Taylor, portfolio manager at Purpose Investments, said: “Tech has had a nice rally … but it feels like commodities and cyclicals will still be a good place to add some outperformance.”
Tech shares rose 2.4% in Toronto, driven by e-commerce giant Shopify Inc’s 5.6% gain Shopping.
Energy rose 0.4 percent, while the materials sector, which includes miners of precious and base metals and fertilizer companies, rose 1.1 percent.
copper price HGc1 Up 0.6%, while gold remained near its highest level in nine months, oil CLc1 It settled up 1.2 percent at $81.31 a barrel.
Heavyweight financials rose 0.7 percent, while industrials closed 0.8 percent higher.
Canadian retail sales November fell 0.1% from October. Still, that beat analysts’ forecast for a 0.5 percent decline, while preliminary estimates showed sales rebounded 0.5 percent in December.
“It does suggest that the Canadian economy is still holding up well,” said Colin Cieszynski, chief market strategist at SIA Wealth Management. “Also, inflation is coming down, so that’s all encouraging.”
Thoma Bravo to Acquire Canadian Software Firm Magnet Forensics Inc magnetic flux In a C$1.8 billion ($1.3 billion) deal, the private equity firm strengthened its cybersecurity portfolio to meet growing demand, the company said.
Shares of Magnet Forensics closed up 13.9%.
(Reporting by Fergal Smith; Additional reporting by Shristi Achar A and Johann M Cherian in Bengaluru; Editing by Shailesh Kuber and Alistair Bell)
((Shristi.AcharA@thomsonreuters.com;))
The views and opinions expressed here are those of the authors and do not necessarily reflect those of Nasdaq Corporation.
