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The S&P/TSX Composite Index reached a record high on Thursday, May 20, supported by the tech sector and improved employment levels depicting an economic revival.
The benchmark Canadian index climbed 125.92 points to a record high close of 19,542.95.
Studies showed that Canada registered more than 350,000 jobs despite pandemic restrictions in April 2021. The TSX, meanwhile, was also elevated by a broad-based rally, where 10 major sectors showed positive impetus.
The Technology sector gained nearly 2.4% after shares of Lightspeed POS Inc spiked 15.1% post the release of its latest quarterly results. The Industrial sector recorded gains of 0.7%, with shares of Canadian Pacific Railway Ltd rising 2.3%.
Source: EODHD/Others (Thomson Reuters)
1-Year Price Chart (as on May 21, 2021). Source: EODHD/Others (Thomson Reuters)
Major Movers and Gainers
Active Volume
The most actively traded stocks on the TSX on Thursday were Manulife Financial Corporation, with 15.922 million, Enbridge Inc, with 12.06 million, and Suncor Energy Inc, with 7.96 million.
Wall Street
In the week ending May 15, the number of first-time applicants for unemployment compensation in the United States plummeted to a pandemic low, with initial jobless claims down 34,000 to 444,000.
As a result, investor attention was drawn back to the economic turnaround from concerns about inflation pressures, and Wall Street's key indices climbed following a three-day decline, aided by advances in technology stocks.
The Dow Jones was up 0.56% at 34,084, while the S&P rose 1.06% to 4,159 and the Nasdaq climbed 1.77% to 13,536
Commodity Update
After Iranian President Hassan Rouhani announced that the broad outline of an agreement to end sanctions on its oil had been completed, oil prices fell to a three-week low.
Brent Oil dipped 2.33% to US$ 65.11/bbl, while WTI Crude Oil also closed lower at US$ 62.05/bbl, down 2.07%.
Gold, on the other hand, gained some momentum and traded at US$ 1,874.35, up by 0.44%
Currency News
On May 20, 2021, the Canadian dollar made a recovery against the US greenback. The USD/CAD closed at 1.2058, sliding 0.60%.
The US Dollar Index stood weak against the basket of major currencies, slipping 0.44% to closed at 89.79 on Thursday.
Money Market
The US 10-year bond yield remained volatile in the recent trading session, dipping 2.85% to 1.628 on May 20.
The Canada 10-year bond yield was also down in Thursday’s trade, correcting 2.28% to close at 1.542.
