S&P/TSX composite posts small gain Thursday as U.S. markets close for Thanksgiving

TORONTO – Canada’s main stock index made small but broad-based gains Thursday on a slow day for markets amid the Thanksgiving holiday south of the border. Volumes were low on the TSX Thursday as the US

TORONTO – Canada’s main stock index made small but broad-based gains Thursday on a slow day for markets amid the Thanksgiving holiday south of the border.

Volumes on the TSX were low on Thursday as US markets were closed for the holiday, and with an early close in New York on Friday it is likely to be a slow end to the week, said Michael Currie, senior investment adviser at TD Wealth .

The S&P/TSX composite index was up 61.81 points at 20,344.07, with small gains in most sectors on the TSX.

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One story for the markets was the Bank of Canada governor’s appearance before MPs in Ottawa on Wednesday afternoon, Currie said, where he stuck to his talking points and reiterated the need to raise rates.

Tiff Macklem said the Bank of Canada is on track to lose money for the first time in its history but insisted this would not change the central bank’s policy of fighting inflation. Currie said this new development is an unprecedented sign of the times, but Macklem seems to be “downplaying it.”

Meanwhile, former governor of the Bank of Canada Stephen Poloz said in a speech on Thursday that the economy today is more sensitive to interest rates than it was ten years ago.

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The Canadian dollar traded for 74.97 US cents compared to 74.67 US cents on Wednesday.

The January crude contract was down US$3.01 cents at US$77.94 a barrel and the January natural gas contract was down 30 cents at US$7.71 per mmBTU.

Talks about a ceiling on Russian oil prices continue and US inventories were higher last week, Currie said. He said he expected these two factors to put downward pressure on oil, but said Thursday prices were not down by much.

Currie noted that while the TSX is only down about four percent year-to-date, most of the upward weight is to pay for large gains in energy.

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“It was a big plus for the year,” he said.

Next week may see a bit more volatility than usual near the end of the month, Currie said, but he is relatively optimistic about the rest of 2022.

“Historically, indicators would say we’re probably in pretty good shape,” he said.

The December gold contract was up US$5.70 at US$1,745.60 an ounce and the December copper contract was up less than half a cent at US$3.62 a pound.

This report from The Canadian Press was first published on November 24, 2022.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD=X)

The Canadian Press



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