TSX Closes Higher On Resources Buying; TD Sees TSX At 14,650 In Next Yr Or So On Energy Surge


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Canada stocks closed on Monday up 26.7 points at 14,284.4, but nearly 80 points below a day high of 14,357 hit early afternoon, buoyed by safe haven buying of resources stocks amid ongoing tensions between the Ukraine and Russia.

Brent crude oil traded near one month highs. Gold hit three week highs.

The Metals & Mining sector gained more than 2% while Energy rose around 0.3%. More sectors were down than up, led by Utilities down near 0.9%.

Boosting sentiment for North American stocks, U.S. retail sales recorded their largest gain in 1.5 years in March, giving hope that the economy in that country - which is Canada's largest trading partner - is improving.

According to BNN TV, TD Bank said today the TSX could climb an additional 300-plus points - to 14,650 - in the next year or so, largely thanks to the Energy group. BNN cited TD as saying investors should be overweight on Energy.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing , Commodities

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