“All The Darkness In The World Cannot Extinguish The Light of a Single Candle” -Francis of Assissi
TSX And Loonie Rise On Friday
Most stock indexes in North America rose and the Canadian dollar extended its streak of gains on Friday as investors await details of future policies under Donald Trump, who will be inaugurated as U.S. president in a week. The S&P/TSX composite index gained 79.12 points to 15,497.28, led by the consumer staples and base metals subsectors. In New York, the S&P 500 advanced 4.20 points to 2,274.64 and the Nasdaq composite climbed 26.63 points to 5,574.12, setting another record-high for the index. The Dow Jones industrial average found itself on the other side of the ledger, falling 5.27 points to 19,885.73.
The Canadian dollar saw its eight consecutive day of gains, edging up 0.03 of a U.S. cent at 76.18¢ US. Oil and bullion took a step back, with the February crude contract shedding 64¢ to US$52.37 per barrel. The February gold contract lost $3.60 to US$1,196.20 an ounce.
57% of Canadians Without an Advisor, Leger Poll Says
A new Leger poll for Mackenzie Investments finds that 42% of Canadians currently have a financial advisor, while 57% do not. Older Canadians are significantly more likely to have an advisor, Leger says, which may account for their more positive sentiment towards RRSP season than those who are younger. Canadians earning less than $40,000 annually are least likely to have a financial advisor, the poll results show. Leger also found most Canadians (68%) say their mood for the approaching RRSP deadline is “indifferent.”
About a quarter of Canadians (26%) say they feel “confident” or “excited” heading into RRSP season. For Canadian respondents who use a financial advisor, that figure jumps to 40%. Leger surveyed 1,522 Canadians online between January 2 to 5, 2017.
Sources: Bloomberg; Investment Executive; advisor.ca