Canada’s main stock index posted a triple-digit gain Friday after oil hit a three-month high to extend the market’s winning streak to six weeks.
The S&P/TSX composite index closed up 142.26 points to 15,838.24, after hitting a peak during the day of 15,866.60. That’s the highest level since Oct. 5.
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The Toronto market is just 4.4 per cent off the all-time high set last July and up 10.6 per cent so far this year.
Allan Small, senior investment adviser at HollisWealth, foresees the positive momentum continuing as long as geopolitical issues, especially the trade dispute between the US and China, remain positive.
“Yes the year-to-date numbers look really strong in such a short period of time, but we’re just getting back to where we were trading at the end of the summer and early fall,” he said in an interview.
“Let’s get back from the highs … and that’s where things start to get a little bit more dicey. You may see the market start to trade sideways for a little bit until we get some sort of clarity on future and I think that’s where we kind of stall out.”
North American markets increased by as much as 1.7 per cent on continuing optimism about a trade deal with China after U.S. President Donald Trump told reporters he might extend the March 2 deadline for the imposition of tariffs, said Small.
