REUTERS/Christopher DeMarino NAFTA renegotiations continue.
S&P/TSX composite sets new records in longest streak in more than 30 years
TORONTO – Canada’s main stock index registered its longest winning streak in more than 30 years on Monday, led by energy and financial stocks as crude prices jumped on hopes for a deal between the Organization of the Petroleum Exporting Countries and rival producers.
At 3:30 pm (1930 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 101.25 points, or 0.70 percent, at 15,786.88.
The index’s 10-day performance is its longest winning streak since March 1990 and its 13th up session of the past 15.
“It’s been a mixed week but everything moves in unison right now,” said Allan Small, senior investment advisor at HollisWealth.
The financials group climbed 0.6 percent, with Bank of Nova Scotia adding 0.7 percent to C$86.02 and Manulife Financial Corp advancing 1.7 percent to C$25.20.
Energy shares advanced 1.2 percent as oil prices rose more than 2 percent, extending gains after major producers may cut output.
U.S. crude prices were up 2.4 percent at $62.63 a barrel, while Brent crude added 2.4 percent to $65.76.
The materials group, which includes precious and base metals miners and fertilizer companies, lost 0.5 percent.
Potash Corp fell 1.5 percent to C$28.64, but Agrium Inc gained 2.6 percent to C$167.67 after the companies said they would cut the prices they charge each other for fertilizer, as they compete with low-cost producers in China and India.
Industrials jumped 0.5 percent.
New York markets were closed on Monday for President’s Day.