Canada’s main stock index closed higher on Thursday, led by gains in the energy and technology sectors, while U.S. markets saw more subdued increases.
The S&P/TSX composite index rose by 148.26 points to reach 21,942.16. In comparison, the Dow Jones industrial average in New York was up by 36.26 points at 39,164.06, the S&P 500 index increased by 4.97 points to 5,482.87, and the Nasdaq composite climbed by 53.53 points to 17,858.68.
One expert attributes the stronger performance of Canadian equities to the fact that assumptions of an economic slowdown are already reflected in expectations, unlike in the U.S. where concerns about a potential dip in record-high stock levels are more recent.
Energy stocks in Canada went up despite ongoing oil output restrictions by OPEC and Russia, while BlackBerry Ltd. saw an almost 11% jump in share price due to positive business performance.
However, the S&P/TSX was weighed down by a decrease in base metals. Analysts are now eagerly waiting for economic output data on Friday to gauge market performance.
Overall, the Canadian dollar traded at 73.05 cents US, while crude oil, natural gas, gold, and copper all experienced some price fluctuations.
© 2024 The Canadian Press
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