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Toronto market rises for third week as energy shares rally

10/22/2021 | 05:40pm EST
FILE PHOTO: A sign board displaying Toronto Stock Exchange stock information is seen in Toronto

TORONTO (Reuters) - Canada's main stock index edged slightly higher on Friday as gains for the energy and financial sectors offset a drop in technology stocks, with the index notching its third straight week of gains.

The Toronto Stock Exchange's S&P/TSX composite index ended up 3.76 points, or 0.02%, at 21,216.15, the 13th straight day of gains and a record closing high.

For the week, the TSX was up 1.4%, helped by stronger commodity prices.

"Commodity prices have bounced back a little bit, particularly crude. That helped the energy stocks," said Colin Cieszynski, chief market strategist at SIA Wealth Management. "At the same time, we're seeing weakness in technology in the United States."

The S&P 500 and Nasdaq closed lower as disappointing quarterly reports put pressure on the communications and technology sectors and investors turned skittish as Federal Reserve Chair Jerome Powell discussed stimulus tapering.

The Bank of Canada is expected to largely end stimulus from bond purchases when it makes a policy announcement next week.

The Toronto market's energy sector climbed 1.3% as concern about low supplies bolstered oil prices. U.S. crude oil futures settled 1.5% higher at $83.76 a barrel.

The heavily weighted financial services sector was up 0.5%, while industrials advanced 1%.

Technology shares gave back some recent gains, falling 1.8%, and healthcare ended 2.4% lower, including declines for some cannabis stocks.

A boardroom tussle at Rogers Communications Inc is unlikely to hinder its C$20 billion ($16.16 billion) purchase of Shaw Communications, analysts said, but the family drama is continuing at one of Canada's biggest telecoms companies.

Shares of Rogers ended 0.3% lower, while Shaw was down 0.4%.

(Reporting by Fergal Smith; Additional reporting by Amal S in Bengaluru; Editing by Will Dunham)

By Fergal Smith

ę Reuters 2021
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