Economy

Toronto stock market higher, loonie gains ground; U.S. markets mixed

Toronto stock market higher, loonie gains ground; U.S. markets mixed

At 10:41AM EDT (1541 GMT), the Toronto Stock Exchange's S&P/TSX composite index rose 36.05 points, or 0.24 percent, to 15,116.96.

At 11:25 a.m. ET, it was up 18.54 points, or 0.12 per cent, at 15,093.74.

The Canadian dollar was at 74.12 cents United States, up 0.02 of a USA cent from Wednesday's close. Trading volume was almost half the average over the past 30 days. NY time today.

On Wednesday, the Dow closed above 19,080 for the first time while the S&P 500 extended its first monthly gain since July and the Russell 2000 Index rallied for a 14th straight day to add to its record.

"The Canadian market always takes the lead from the US markets", said Luciano Orengo, a portfolio manager at Manulife Asset Management.

The energy group climbed 0.2 percent, similar to the slight gain in oil prices.

Brent crude futures were trading at $47.79 a barrel, down $1.21.

OPEC members, which include Saudi Arabia and Iran, continue to pump record amounts of crude despite declining oil prices. The stock closed at 23.51 Canadian dollars (17.43 USA dollars), a 0.84 percent decline.

The spot price of copper rose 3.04 cents to 2.6246 US dollars a pound while the price for the same weight of zinc advanced 2.25 cents to 1.2256 USA dollars.

"There's a lot of skeptics out there and I think you're seeing that reflected in the price of oil today", he said. That "seals the deal", she said.

The focus will also be on the upcoming meeting of the Organization of the Petroleum Exporting Countries, who are set to gather on November 30.

Most analysts expect some form of cut, but it is uncertain whether that would be enough to prop up a market dogged by oversupply since 2014.

According to Action Economics ( AE ), the dollar has perked up a little in quiet dealings, recouping some of the ground lost during the European session, which was in turn seen after the buck had logged fresh trend highs.

"At this point in time, the headwinds are against gold, not for it", said Caskey, adding that its sliding price is partly a reaction to the strengthening USA dollar.