TORONTO — Canada’s main stock index is following a well-documented trend for April by continuing to set records as investor optimism moved the materials, technology and energy sectors higher.
April is historically the best month in the second quarter and one of the best months of the year, said Sid Mokhtari, executive director of institutional equity research at CIBC.
“I do think that there is a footprint in April on a 10- and 30-year basis that has been pretty powerful and I think we’re still following that footprint at this point,” he said.
Mokhtari said the month tends to be front-end loaded to carry a positive attitude into the third week of April.
The S&P/TSX composite index gained 77.35 points for a record close of 19,104.14 after hitting an intraday high of 19,153.00.
Materials was the leading sector on the TSX, gaining 2% as higher gold prices moved OceanaGold Corp. up 6.8%, Silvercorp Metals Inc. up 6.6% and New Gold Inc. 6.2% higher.
The June gold contract was up US$14.20 at US$1,743 an ounce and the May copper contract was down 2.1 cents at almost US$4.12 a pound.t least for the TSX.”
The Canadian dollar traded for 79.62 cents US compared with 79.84 cents US on Monday.
In New York, the Dow Jones industrial average was down 96.95 points at 33,430.24. The S&P 500 index was down 3.97 points at 4,073.94 after hitting an intraday high, while the Nasdaq composite was down 7.21 points at 13,698.38.
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