TSX closes above 13,000, coming close to reversing 2016 losses
Rise in gold, precious metals and oil is propelling Toronto stocks
The Toronto Stock Exchange closed above 13,000 points on Wednesday, coming within a hair of reversing the losses it has sustained since the beginning of the year.
The Toronto index closed at 13,017, a rise of 35 points and just below the 13,098 close of Dec. 31, 2015.
Trading was propelled by the rising price of metals, especially gold, which is now at $1,241.60 an ounce, and by the continued rise in oil prices.
Gold has been appreciating for the last month as investors seek out a safe haven.
The Canadian dollar dipped one tenth of a cent to 74.41 cents US.
West Texas Intermediate oil, the benchmark North American oil contract, rose 49 cents to $34.90 US a barrel.
The TSX has added 1,300 points since mid-January, when falling oil prices and a waning loonie seemed to augur a poor year for investors.
It's still well off the high of 15,524 set in April of last year before China's slowdown and the deteriorating price of commodities sent markets into turmoil. The TSX finished 2015 down 11 per cent.