TSX adds to weekly gain as tech and energy shares climb

Mint

a day ago

TSX ends up 0.3% at 26,429.13
For the week, the index gains nearly 1%
Energy adds 1.4% as oil settles 1.9% higher
June 6 - Canada's main stock index rose on Friday to a new record high, led by gains for energy and technology shares, as oil prices advanced and U.S. and Canadian jobs data eased investor concerns about a possible recession.
The Toronto Stock Exchange's S&P/TSX composite index ended up 86.84 points, or 0.3%, at 26,429.13, inching past its record closing high on Tuesday. For the week, the index was up nearly 1%.
Canada's economy added 8,800 jobs last month, compared to an expected decline of 12,500, while U.S. job growth also beat expectations.
"Jobs are slowing down but still not falling off a cliff and I don't think a recession is imminent as many people are fearing," said Allan Small, senior investment advisor of the Allan Small Financial Group with iA Private Wealth.
U.S. crude oil futures settled 1.9% higher at $64.58 a barrel, helped by the U.S. jobs data but also optimism about trade talks between the U.S. and China.
U.S. President Trump said three of his cabinet officials will meet with representatives of China in London on June 9 to discuss a trade deal.
"The pressure is on the U.S. to make some of these deals," Small said, adding that tariffs are unlikely to return to previous sky-high levels proposed by U.S. President Donald Trump.
The energy sector rose 1.4% and technology ended 1.9% higher. Heavily weighted financials also posted gains, rising 0.6%.
Consumer staples were a drag, falling 0.9%, and the materials group, which includes metal mining shares, ended 1.7% lower as gold and copper prices fell.
This article was generated from an automated news agency feed without modifications to text.