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MoneyToronto stock market inches higher despite dip in crude and gold prices

10:05  11 september  2019
10:05  11 september  2019 Source:   msn.com

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TORONTO - Canada’s main stock index inched higher on gains by key commodities sectors despite a dip in crude and gold prices and selloff in technology stocks . Oil prices started the day higher but reversed course after U.S. President Donald Trump announced the firing of John Bolton

TORONTO - Canada's main stock index inched higher on gains by key commodities sectors despite a dip in crude and gold prices and selloff in technology stocks . Oil prices started the day higher but reversed course after U.S. President Donald Trump announced the firing of John Bolton

Toronto stock market inches higher despite dip in crude and gold prices© Provided by Canadian Press Enterprises Inc

TORONTO — Canada's main stock index inched higher on gains by key commodities sectors despite a dip in crude and gold prices and selloff in technology stocks.

Oil prices started the day higher but reversed course after U.S. President Donald Trump announced the firing of John Bolton, his national security adviser.

Investors feared the departure of the Iran hawk could result in Trump relaxing waivers or sanctions against the Middle Eastern regime, resulting in increased crude output, said Natalie Taylor, a portfolio manager with CIBC.

"It's interesting that energy stocks have remained in positive territory even despite that," she said in an interview.

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TORONTO — Canada's main stock index inched higher midweek on strong U.S. corporate earnings and improved risk appetite despite ongoing threats Pessimism and risk aversion is primarily reflected in bond markets with falling yields, the strengthened U.S. dollar and higher gold prices , she said.

TORONTO - Canada’s main stock index rallied to its highest level in seven weeks Wednesday despite crude oil prices getting hammered. Investors are slowly “nibbling” back into the market on hopes of progress in trade issues, says Colin Cieszynski, chief market strategist at SIA Wealth Management.

The energy sector gained three per cent on the day with shares of Canadian Natural Resources, Husky Energy Inc. and Crescent Point Energy Corp. each climbing by more than 3.3 per cent.

The October crude contract was down 45 cents at US$57.40 per barrel and the October natural gas contract was down half a cent at US$2.58 per mmBTU.

The S&P/TSX composite index closed up 42.25 points at 16,537.34.

Materials was also higher despite gold falling below the US$1,500 an ounce threshold for the first time in more than a month.

The December gold contract was down US$11.90 at US$1,499.20 an ounce and the December copper contract was flat at US$2.63 a pound.

"The 1,500 was a key level and the momentum has really shifted in gold equities as we've reached that level," Taylor said.

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The Toronto stock market finished slightly higher on Tuesday as weak commodity prices and further uncertainty about a Toronto market inches higher . By David Friend The Canadian Press. Energy stocks gained 0.08 per cent while November crude on the New York Mercantile Exchange moved

Gold Price Today. MARKET IS OPEN (Will close in 15 hrs. In normal markets , the futures price for gold is higher than the spot. Gold and most precious metals prices are quoted in troy ounces; however, countries that have adopted the metric system price gold in grams, kilograms and tonnes.

The heavyweight financials sector was higher led by the Bank of Montreal, while the technology sector dropped the most as shares of Shopify Inc. fell 6.2 per cent.

In New York, the Dow Jones industrial average was up 73.92 points at 26,909.43. The S&P 500 index was up 0.96 of a point at 2,979.39, while the Nasdaq composite was down 3.28 points at 8,084.16.

The Canadian dollar traded for an average of 76.03 cents US, compared with an average of 76.02 cents US on Monday.

"It's fairly non-eventful from a news and headline perspective and just a continuation of some of the shifts in momentum that we've seen basically starting the end of August right before the trade were announced," said Taylor.

Companies in this story: (TSX:CNQ, TSX:HSE, TSX:CPG, TSX:SHOP, TSX:BMO, TSX:GSPTSE, TSX:CADUSD=X)

Ross Marowits, The Canadian Press

Read more

Toronto getting richer as Canada gets poorer, study finds .
According to a recent study looking at wealth trends in Canada, the average net worth in Toronto went up over the past year, even as the national average went down. But not all of the Toronto area is getting richer. The study, published by Environics Analytics, found that the average net worth per household — defined as assets minus debt — in the larger Toronto area grew by $518, or 0.1 per cent in 2018 to $977,698. But the picture changes when the area is viewed in its parts. The City of Toronto, which includes former municipalities such as East York, Etobicoke and Scarborough, saw household wealth rise by $6,453 or 0.

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