TSX Powers Through Job Loss & Trade Deficit, Ends At Record Levels

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TSX Powers Through Job Loss & Trade Deficit, Ends At Record Levels

 TSX Powers Through Job Loss & Trade Deficit, Ends At Record Levels

S&P/TSX Composite, the key Canadian bourse ended Friday’s trading session at record high levels, even as the domestic job markets posted dismal numbers. The index closed at 18,135.90, up 93.03 points or 0.52 per cent, marking the fifth consecutive day of growth.

The index also posted a 4.6 per cent increase between February 1 to 5, its best week since April.

The junior Canadian index, TSX Venture Composite, also posted a five-year high, closing at 1022.64, up 24.5 points or 2.45 per cent.

On Friday, TSX energy (up 1.22 per cent) and tech (up 1.09 per cent) indices posted the most gains. Baring healthcare sector (down 0.72 per cent), all other sectoral indices traded in green.

The gains were derived from optimism across the border as US markets wagered on federal stimulus spending. On Wall Street, the S&P 500 and tech-heavy Nasdaq ended at record closes and new intraday highs. The S&P 500 index closed at 3,886.83, while Nasdaq composite at 13,856.30. The Dow Jones also closed higher, up 92.38 points to 31,148.24.

Five-day chart of TSX Composite (Source: Refinitiv, Thomson Reuters)

Back home, Canada’s trade deficit figures in December 2020 dropped to C$1.7 billion as exports grew, reported Statistics Canada, the country’s data agency.

Canada’s unemployment levels also shot up by 0.6 percentage points to 9.4 per cent in January 2021, the highest surge since August 2020. More details here.

Stocks have been powering higher in trading sessions over the last couple of weeks as social media-propped rookie traders went up against Wall Street and Bay Street giants.

@Kalkine Image 2021

Commodity & Forex*

 

Brent Oil futures closed 0.85 per cent higher at US$ 59.34, while crude WTI surged 1.10 per cent to US$ 56.85.

Gold futures also went up 1.22 per cent to US$ 1,813.00 per ounce while added 2.99 per cent and closed at US$ 27.019.

Canada’s 10-Year Bond Yield also gained 3.63 per cent to 0.999.

The US-Canadian Dollar index doffed 0.58 per cent to close at 1.2751.

 

* Details after markets close on February 5, 2021

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