Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Toronto market scales record high on rotation into technology

10/18/2021 | 05:54pm EST
FILE PHOTO: A sign board displaying Toronto Stock Exchange stock information is seen in Toronto

TORONTO (Reuters) - Canada's main stock index climbed to a record high on Monday as investors scooped up high-flying technology companies, switching out of more defensive stocks such as utilities and telecommunications.

The Toronto Stock Exchange's S&P/TSX composite index ended up 57.27 points, or 0.3%, at 20,985.37, a record closing high.

The S&P 500 and the Nasdaq Composite also closed higher as investors appeared optimistic about the third-quarter earnings season.

There is "a little bit of rotation back to some of the secular growth winners," said Mike Archibald, a portfolio manager at AGF Investments.

"Shopify, Constellation are both having a good day. That's moving the IT (information technology) space, which is the big driver of the market."

Shares of cloud-based commerce platform company Shopify Inc, which has the largest market capitalization on the TSX, rose 2.9%, while Constellation Software Inc was up 2.7%.

Information technology ended up 1.1%, while industrials climbed 0.7% and the heavily-weighed financial services group ended up 0.2%.

After snapping a seven-month winning streak in September, the Canadian equity index has gained 4.6% so far this month, aided by strength in commodity prices.

Energy shares gave back some recent gains on Monday, declining 1.2%. Utilities were down 0.2%, while Rogers Communications Inc and BCE Inc, two of Canada's biggest telecom companies, fell 0.5% and 0.4% respectively.

Some of the Toronto market's biggest gainers were uranium producers, with Cameco Corp advancing 5.9% and Denison Mines Corp jumping 12.8%.

(Reporting by Fergal Smith; Additional reporting by Amal S in Bengaluru; Editing by Sandra Maler)

By Fergal Smith


© Reuters 2021
Latest news "Economy & Forex"
05:55pOfficial correction-people who are not fully vaccinated and at risk of developing severe covid-19 disease, including those 60 years or older or who have comorbidities, should be advised to postpone travel - who statement (adds 'not fully vaccinated')
RE
05:53pSalesforce.com inc's co-ceo bret taylor says number of customers on slack who spent over $100,000 was up 44% year-over-year - conf call
RE
05:52pU.S. judge asks if owners of opioid maker Purdue abused bankruptcy to shield assets
RE
05:49pGlobal markets rocked by taper talk, COVID fears
RE
05:43pPfizer seeks U.S. authorization of COVID-19 booster shots for 16, 17 year olds
RE
05:40pThe WSJ Dollar Index Rises 1.72% to 89.90 -- Data Talk
DJ
05:40pEuro Lost 1.93% to $1.1340 -- Data Talk
DJ
05:40pSterling Lost 2.84% to $1.3301 -- Data Talk
DJ
05:39pDollar Lost 0.76% to 113.16 Yen -- Data Talk
DJ
05:35pPfizer CEO Says Submitted Request To U.S. FDA To Expand EUA Of Booster Dose Of COVID-19 Vaccine To Include 16- And 17-Year-Olds
RE
Latest news "Economy & Forex"