TSX Up 69 Points at Midday; Info Tech, Miners Lead Climb
The TSX went up by 69 points at midday, boosted mostly by info tech and mining stocks.
Action Economics said the market remains skeptical over OPEC's ability to cut production. Record output continues for now, destined for storage, which will keep OPEC exports strong through much of 2017. That, when combined with additional production from the likes of Nigeria, and Libya - both exempt from cuts, and an expected increase in U.S. shale production, could well see supply continue to outstrip demand through much of 2017.
Meanwhile, financial strategists expect Canada's main stock index to rise more slowly in 2017 but to reach an all-time high by the end of next year if U.S. President-elect Donald Trump's tax and spending plans boost economic growth, a Reuters poll found. But risks to that outlook have multiplied, the respondents said, citing Trump's protectionist talk on trade, a sharp jump in global bond yields, and Canada's wobbly domestic economy as reasons for caution.
Mining and metals advanced 1.6% and 0.3%, respectively, while info tech added 0.8%. On the negative side, energy shed 0.5% while healthcare slipped 0.9%.
Total volume traded so far was 169.7 million shares. Baytex Energy (BTE.TO) was the most actively traded stock.
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