Watch CANADA STOCKS-Toronto market nears file excessive as traders cheer company earnings – Reuters Markets & Finance News

Watch CANADA STOCKS-Toronto market nears file excessive as traders cheer company earnings – Reuters Markets & Finance News

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Watch CANADA STOCKS-Toronto market nears file excessive as traders cheer company earnings – Reuters Markets & Finance News Youtube HD Video Online

(Provides investor quotes and particulars all through; updates costs)

* TSX finally ends up 201.47 factors, or 0.98%, at 20,819.94

* Power group rises 2.2%; oil settles 1.1% greater

* Aritzia Inc jumps 17.2%

* Canadian manufacturing unit gross sales rise 0.5% in August

TORONTO, Oct 14 (Reuters) – Canada’s foremost inventory index rose for a seventh day on Thursday, reaching a stage simply wanting its file excessive, boosted by stronger-than-expected company earnings and agency financial information in addition to greater oil costs.

The Toronto Inventory Trade’s S&P/TSX composite index ended up 201.47 factors, or 0.98%, at 20,819.94. It was the seventh straight session the index closed greater, the longest profitable run since March.

On Sept. 3, the index touched a file closing excessive of 20,821.43.

“Mainly it’s based on better than expected corporate earnings and economic data, which is outweighing fears about inflation and supply chain disruptions,” stated Stan Wong, director of wealth administration and portfolio supervisor at Scotia Wealth Administration.

Canadian manufacturing unit gross sales rose 0.5% in August from July, including to proof the economic system has recovered after a shock contraction within the second quarter, whereas the variety of People submitting new claims for unemployment advantages final week fell near a 19-month low.

Wall Road additionally ended with sturdy positive aspects.

The TSX snapped a seven-month win streak in September however the fourth quarter has traditionally been a pleasant interval for the market. The index has gained 3.7% to date this month.

“I look at the seasonality trends and they look favorable at this point,” Wong stated.

The power group rose 2.2%, helped by greater oil costs. U.S. crude oil futures settled 1.1% greater at $81.31 a barrel after prime producer Saudi Arabia dismissed calls for extra OPEC+ provide.

The closely weighted monetary providers sector rose 0.9%, whereas shopper discretionary shares ended 1.6% greater.

Fashion retailer Aritzia Inc was the biggest share gainer on the TSX, leaping 17.2% after its quarterly outcomes beat estimates.

Cover Progress Corp rose 2.5% after saying it could purchase weed gummies maker Wana Manufacturers for $297.5 million. (Reporting by Fergal Smith; Further reporting by Rithika Krishna in Bengaluru; Modifying by Peter Cooney)

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