TSX gains for 10th straight day
Benchmark index hits highest level in almost 3 years
The benchmark index of the Toronto Stock Exchange hit its highest level in almost three years on Tuesday as it scored gains for the 10th day in a row.
The S&P/TSX Composite Index ended the trading day with a modest gain of 23 points to 14,077. Just after the market opened, it went as high as 14,109. That's its highest level since May 2011.
Six of the 10 sectors were higher, led by health care, utilities, and information technology. The strength in the IT sector was driven by a 5.1 per cent gain in shares of BlackBerry following news that a U.S. hedge fund had bought 10 million shares of the smartphone maker.
The heavily weighted energy sector also finished slightly ahead. Gold stocks, which have gained more than 20 per cent so far this year, were relatively flat on the day, as were financials.
"We've had a pretty good run here. I don't see anything negative on the horizon," said David Cockfield, managing director and portfolio manager at Northland Wealth Management in remarks to Reuters.
"Our market doesn't look overpriced. We should continue to outperform U.S. [stocks] just on an earnings multiple basis," he said.
Global markets rallied along with the TSX, following news that the Bank of Japan would maintain its stimulative measures to boost the economy.
Many stock markets around the world have now recovered from an early year downturn. Data from Bloomberg show that global stocks have erased their losses for the year. Bloomberg says the market capitalization of shares climbed to $62.1
trillion US on Monday. That's up about $3 trillion from the year's low of $59 trillion, set on Feb. 4.
The S&P 500 composite index was up 2.1 points to 1,841.
The Canadian dollar was up 0.27 cents to settle at 91.32 cents US. Oil, natural gas, gold, silver and copper all finished higher.