NVDA gained a massive 197% since our AI first added it in November - is it time to sell? 🤔Read more

CANADA STOCKS-TSX adds to record high; led by energy, Restaurant Brands

Published 2017-02-21, 05:11 p/m
© Reuters.  CANADA STOCKS-TSX adds to record high; led by energy, Restaurant Brands
XAU/USD
-
TECK
-
PNC
-
GC
-
HG
-
CL
-
PLKI
-
GSPTSE
-
GG
-
RBA
-
QSR
-
ECN
-

(Adds portfolio manager quotes, updates prices)

* TSX ends up 83.74 points, or 0.53 percent, at 15,922.37

* Index notches a fresh record closing high

* All 10 of the index's main groups end higher

By Fergal Smith

TORONTO, Feb 21 (Reuters) - Canada's main stock index closed at a record high on Tuesday, with energy shares leading broad-based gains as oil prices climbed, while Restaurant Brands International Inc jumped more than 7 percent after it announced an acquisition.

Gains for the Toronto Stock Exchange's S&P/TSX composite index came as data showed the fastest pace of growth in euro zone business activity for six years, while Wall Street also reached record highs as investors cheered strong results of top U.S. retailers. of this support the view that the U.S. consumer and the housing market is doing quite well," said Cavan Yie, senior equity analyst at Manulife Asset Management.

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE closed up 83.74 points, or 0.53 percent, at 15,922.37, a record closing high.

The index has surged 38 percent since hitting a three-year trough in January last year.

"You have more incrementally positive commentary out of OPEC which is supporting oil prices, which in turn supports rising inflation and that in combination with the U.S. consumer doing well, housing market doing well, this is all a recipe that is positive for equities," Yie said.

Shares of Restaurant Brands International Inc QSR.TO surged more than 7 percent to C$75.65. The owner of the Burger King and Tim Hortons fast-food chains said it would acquire Popeyes Louisiana Kitchen PLKI.O for $1.8 billion in cash. Capital Corp ECN.TO jumped 14.1 percent to C$3.64 after it said it would sell its U.S. commercial and vendor finance business to PNC Financial Services Group (NYSE:PNC) PNC.N for about $1.25 billion in cash.

The overall financials group edged up 0.1 percent, while the energy group climbed 1.2 percent as oil prices rose.

U.S. crude CLc1 prices settled 66 cents higher at $54.06 a barrel on the Organization of the Petroleum Exporting Countries' optimism for greater compliance with its supply cut deal. O/R

Ritchie Bros. Auctioneers Inc RBA.TO surged 12.7 percent to C$45.72 after it reported fourth-quarter and 2016 annual results, while the overall industrials group rose 1.2 percent, helped also by gains for railroad stocks.

All 10 of the index's main groups ended higher, with the materials group, which includes precious and base metals miners and fertilizer companies, adding 0.5 percent.

Teck Resources Ltd TECKb.TO rose more than 4 percent to C$29.15 but Goldcorp Inc G.TO retreated 1.2 percent to C$22.48.

Gold futures GCc1 were unchanged at $1,237.1 an ounce and copper prices CMCU3 declined 0.2 percent to $6,060.15 a tonne. GOL/ MET/L

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.