Canada Stocks Jump 62 Pts, Make It 7 Days of Gains In A Row
Canadian stocks jumped 62 points to near the 15,390 level and succeeded in making it seven days of successive gains on Friday, boosted by sectors such Energy on higher oil prices and also by individual companies such as Bombardier (BBD-B.TO).
Bombardier (BBD-B.TO) was easily the most active stock on the TSX - with around 16.5 million shares changing hands - and it gained 1.5% on a Reuters report that it is exploring options to monetize its transportation unit potentially worth up to $5 billion, as the Canadian group seeks to offset challenges within its aircraft business.
With commodities, oil futures were up near 2% today, which is supportive of Canada's oil rich economy. Indeed, the U.S. benchmark finished the week up near 5%, which is no mean achievement considering Wednesday' 6% plunge on yet another sharp jump in U.S. inventories. And gold futures ended a three day losing run.
Speaking of matters related to Canada's economy, GoCs unwound earlier gains and the curve flattened after the surprise, albeit part-time inspired jump in March employment appeared to eliminate risk of another rate cut at next week's Bank of Canada announcement. In addition, housing starts rebounded more than anticipated.
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