TORONTO Overflowing investor optimism that the pandemic s gloom will soon lift pushed Canada s main stock index and two of three indexes in the United States to record closes on Friday. The S&P/TSX composite index was up 29.40 points at 19,351.32, a gain of 123.29 points for the week. In New York, the Dow Jones industrial average was up 164.68 points at a record 34,200.67 and the S&P 500 index gained 15.05 points at a record 4,185.47. Meanwhile, the Nasdaq composite was up 13.58 points at 14,052.34. “We ve had a good week of economic data that for the most part has been a surprise to the upside, whether it be the regional manufacturing data, whether it s the retail sales, today we had housing starts,” said Philip Petursson, chief investment strategist at Manulife Investment Management.
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Inside the Market’s roundup of some of today’s key analyst actions
ARC Resources Ltd.’s (ARX-T) $8.1-billion merger with
Seven Generations Energy Ltd. creates a “premier low-cost, Montney producer that should be able to recognize substantial cost savings going forward,” according to iA Capital Markets analyst Michael Charlton.
Following Tuesday’s close of the combination of Alberta-based producers, Mr. Charlton thinks ARC “has no shortage of runway ahead” with more than 1 million acres in the Montney Formation to develop as “the dominant condensate producer in Canada, the third-largest natural gas producer, and sixth-largest upstreamer.”
S&P/TSX composite hits record high close on economic news; energy shares slide
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A street sign along Bay Street in Toronto s financial district is shown on Tuesday, January 12, 2021. THE CANADIAN PRESS/Nathan Denette
TORONTO – Strong economic news from south of the border and optimism about the end of the pandemic drove Canada’s main stock index to a record close in post-Easter trading on Monday, despite lower oil prices.
The S&P/TSX composite index closed up 36.47 points at 19,026.79 after setting a new intraday high of 19,064.88.
The U.S. government reported on Friday that employers went on a hiring spree in March, adding 916,000 jobs, the most since August.