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S & P / TSX Composite Up Slightly As Tech Sector Pulls Back, Energy Gets Up | National company

 


CALGARY – The main Canadian stock index hit a new record on Friday as losses in the tech sector were offset by gains in the energy sector.

The S & P / TSX Composite Index closed only 3.76 points higher at 21,216.15, but specific sectors saw more individual moves, said Greg Taylor, chief investment officer at Purpose Investments.

(The market) looked relatively flat today, but below the surface there was a lot of industry rotations going on, Taylor said.

The energy sector was the best performer, gaining 1.32 percent. The price of crude oil hit US $ 84 a barrel on Friday after a brief selloff earlier this week. Crude has gained more than 11 percent this month alone and more than 70 percent since the start of the year.

The December crude oil contract rose $ 1.26 to US $ 83.76 per barrel and the January natural gas contract rose 10 cents to US $ 5.56 per mmBTU.

Taylor said Canadian energy companies are expected to generate a lot of free cash flow at these commodity prices.

“I think this is really catching the attention of investors, who feel like they’ve really forgotten about energy stocks in recent years,” he said. “It is a sector which is doing very well, but which is very under-detained. And people are starting to come back to it.

The price of gold also rose on Friday, likely due to inflation concerns, Taylor said. The December gold contract was up US $ 14.40 to US $ 1,796.30 an ounce while the December copper contract was down six cents to US $ 4.50 per pound .

However, gains in the energy, industrials and materials sectors were somewhat offset by losses in technology. The S & P / TSX Capped Information Technology Index was down 1.83%. Taylor said this could in part be attributed to disappointing quarterly results from U.S. tech giants Intel Corporation and Snap Inc., the parent company of Snapchat.

Technologies, an area that has had a pretty good run in recent weeks, but it looks like it’s under pressure today and Shopify and some of the other Canadian names have been taken down, he said.

Shares of Shopify Inc. closed at $ 1,764.23, down 86.25 points or 4.66%.

In New York, the Dow Jones Industrial Average was up 73.94 points to 35,677.02. The S&P 500 Index lost 4.88 points to 4,544.90, while the Nasdaq composite lost 125.50 points to 15,090.20.

The Canadian dollar was trading at 80.93 US cents against 80.97 US cents on Thursday.

Canadian telecommunications giant Rogers Communications Inc. grabbed the headlines this week due to an escalation in the boardroom between the company and Edward Rogers, who was dismissed as president of Rogers Thursday but remains chairman of the family trust that controls the business.

However, the company’s stock price remained relatively stable, closing at $ 60.02, down just 0.28%.

Taylor said the lack of movement is likely a sign that investors still expect the $ 26 billion deal Rogers signed earlier this year to take over rival Shaw Communications Inc to come to fruition.

“As much as the board business is interesting, it doesn’t seem to have too much of an impact on the share price,” Taylor said.

This report by The Canadian Press was first published on October 22, 2021.

Companies in this story: (TSX: GSPTSE, TSX: CADUSD = X, TSX: RCI.B, TSX: SHOP)

The Canadian Press. All rights reserved.

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