The Toronto Stock Exchange is coming off its best week since February.
Canada's main stock index closed trading Friday within five percentage points of its record high on a broad-based rally involving technologies along with materials and energy.
The S&P/TSX composite index closed up 109.29 points to 17.019.10. The intraday high of 17,048.87 was less than 1,000 points from the peak reached in February before the Covid-19 pandemic arrived. Overall, the Toronto market closed up 2.1% over the past five days to reach its third-straight positive week. It has climbed 9.3% so far in November.
Technology and defensive sectors such as utilities rallied while cyclical stocks in energy and industrials did well, excluding the railways. Technology led the TSX, where nine of 11 major sectors increased. It gained almost 3% as shares of BlackBerry Ltd. rose 7.7%.
Materials were second-best, gaining ground on higher metals prices, which helped First Quantum Minerals Ltd. to increase 4.5%. The December gold contract was up $10.90 U.S. at $1,872.40 U.S. an ounce and the December copper contract was up 8.9 cents at $3.29 U.S. a pound.
Energy was also elevated on the back of crude prices that rose for a third consecutive week to reach the highest close since September 1. The January crude contract was up 52 cents at $42.42 U.S. per barrel and the January natural gas contract was up five cents at $2.77 U.S. per mmBTU.
