© Reuters. FILE PHOTO: An indication board showing Toronto Stock Exchange (TSX) stock details is seen in Toronto June 23, 2014. REUTERS/Mark Blinch/File Photo
By Fergal Smith
(Reuters) -Canada’s primary stock index edged greater on Friday to notch its 5th straight weekly gain, led by gains for the products group as costs reached a near 1 year high.
The Toronto Stock Exchange’s S&P/ TSX composite index wound up 19.3 points, or 0.1%, at 21,849.15, trading near its greatest closing level because April 2022.
For the week, the index was up 0.5%. The weekly winning streak was the longest in 11 months.
“The huge thing we’re seeing is a good rotation into a few of the cyclicals,” stated Greg Taylor, a portfolio supervisor at Purpose Investments.
“That had actually been something that kept back the TSX for the last 6 months … however today has actually been quite favorable with oil discussing 80 dollars and copper breaking out over 4 (dollars).”
Copper increased 2% to trade at its greatest level given that April in 2015 as financiers weighed a possible output cut in leading manufacturer China, while oil settled at $81.04 a barrel, trading near a four-month high.
Resource shares have an approximately 30% weighting on the Toronto market. The products group, that includes valuable and base metals miners and fertilizer business, included 1%.
“We are seeing that rotation as the techs and semis (semiconductor stocks) that have actually been leading are coming under a little pressure,” Taylor stated.
The innovation sector fell 0.8%, with shares of BlackBerry (NYSE:-RRB- Ltd falling 7.7%. Still, the sector has actually acquired 6.5% because the start of the year.
