Economy
Toronto Stock Exchange hits record high on stimulus hopes
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Toronto Stock Exchange index rose to a record high on Tuesday, led by healthcare and industrial stocks, as investors bet on central banks sticking to a loose monetary policy against the backdrop of a slowdown in the post-pandemic economic rebound.
At 9:37 a.m. ET (1337 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 33.83 points, or 0.16%, at 20,855.26.
Canadian equities have jumped nearly 20% so far this year, rising every month since February, as investors hoped that major central banks would delay plans to taper their massive stimulus with data showing a stunted economic recovery.
All eyes in Canada this week will be on an interest rate decision by the Bank of Canada (BoC), where the central bank is expected to keep rates unchanged, according to a Reuters poll.
“They (the BoC) were one of the first central banks to start to take off some of the stimulus measures, but now that we saw the negative print on GDP for last week, you have to wonder if that would cause them to change their tone,” said Gregory Taylor, portfolio manager at Purpose Investments.
The European Central Bank has its own policy meeting on Thursday, followed by the U.S. Federal Reserve later this month.
The financials sector, which accounts for about 30% of the Toronto market’s value, gained 0.3%.
HIGHLIGHTS
* Uranium miner Denison Mines Corp and Methanex Corp, were the biggest gainers on the TSX.
* The TSX posted 14 new 52-week highs and no new low.
* Across all Canadian issues, there were 105 new 52-week highs and three new lows, with total volume of 30.49 million shares.
(Reporting by Amal S in Bengaluru; Editing by Shinjini Ganguli)
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