|“If The British Empire and Its Commonwealth Last For a Thousand Years, Men Will Say This Was Their Finest Hour” – Winston Churchill , June 1940
TSX Rises For Third Straight Day
Canada’s main stock index closed higher on Thursday as a rally in gold stocks offset losses for financial sector stocks and lift the market for a third straight session. The index was nearly unchanged for the month of June, but rose 1.2 per cent on the week and 4.2 per cent for the second quarter. Its heavy concentration of gold miners helped limit a selloff in the wake of Britain’s vote to leave the European Union last week.
The S&P/TSX composite index added 27.8 points or 0.2% to 14,064.54, as Canada’s main market was lifted by notable gains from the mining and gold sectors. Meanwhile, New York also forged ahead for a third straight day as the widely-watched Dow Jones industrials rose 235.31 points to 17,929.99. The broader S&P 500 was up 28.09 points at 2,098.86, while the Nasdaq composite added 63.42 points to 4,842.67. The oil-sensitive Canadian dollar was higher for a third straight session, climbing 0.35 of a U.S. cent to 77.42 cents US despite lower oil prices as the August contract for benchmark North American crude lost $1.55 to US$48.33 a barrel.
The Toronto Stock Exchange will be closed Friday for Canada Day, while New York markets will be shut Monday, July 4, for U.S. Independence Day.
Millenials Feeling Confident In Canadian Economic Recovery
The share of Canadians pessimistic about the country’s economic outlook has reached a 2016 low, driven by steady growth in optimism among the youngest adults.
The Bloomberg Nanos Canadian Confidence Index showed optimism for the economy’s performance over the next six months improved, as the share of respondents expecting weaker growth fell to 24.8%, the lowest since November. The polling, nearly all of which took place before the Brexit vote that sparked turmoil in markets Friday, is the latest sign of recovery in the Canadian economy. The broad consumer confidence index has risen steadily since the start of the year.
It’s been the youngest Canadians driving optimism in recent weeks. The measure of confidence among those aged 18 to 29 rose to 62, from 61.5 a week earlier, and is up from 53 in April. The index is the highest among that age group, and lowest among those 50 to 59.
After increasing across Canada last week, consumer confidence fell in all but one region – British Columbia, where it rose to 66.6 from 65.1 a week earlier. The westernmost province is forecast to lead, along with Ontario, Canadian growth this year, a Bloomberg survey of economists shows.
The Bloomberg Nanos Canadian Confidence Index is based on a rolling average of telephone polling of 1,000 respondents spread over four weeks. It’s considered accurate within 3.1 percentage points, 19 times out of 20, with larger margins of error for regional and age subsets. The latest round of polling finished on June 24..
Sources: Bloomberg; Investment Executive; CIBC; advisor.ca,