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TSX stretches win steak to 12 days on positive economic momentum

10/21/2021 | 04:29pm EST
FILE PHOTO: A sign board displaying Toronto Stock Exchange stock information is seen in Toronto

TORONTO (Reuters) - Canada's main stock index on Thursday notched its longest winning streak in nearly three years as it rose to a record high, with the index benefiting from recent strength in commodity prices and signs of the domestic economy picking up.

The Toronto Stock Exchange's S&P/TSX composite index ended up 24.20 points, or 0.1%, at 21,212.39, a record closing high.

It was the 12th straight day that the index has gained ground, a streak not seen since January 2019.

"It's a combination of high commodity prices and then the positive momentum that we've seen in the labour market," said Angelo Kourkafas, investment strategist at Edward Jones. "I think that's what's driving the strength and outperformance for domestic equities."

Since the start of the year, the TSX has advanced 21.7%, while the S&P 500 is up 21.1%.

Data earlier this month showed that Canadian employment has recovered to pre-pandemic levels.

Gains on Thursday were led by technology, which rose 1.2%. Industrials also advanced 1.2%, while consumer staples ended 0.7% higher.

Energy was a drag, falling 1.5% as crude oil prices pulled back from multi-year highs. Still, energy is up about 10% from its low on Oct. 4.

Rogers Communications Inc fell 1.8% after the media company reported third-quarter revenue below analysts' estimates as the pandemic continues to dampen growth at its ads and wireless businesses.

(Reporting by Fergal Smith; Additional reporting by Amal S in Bengaluru; Editing by Alistair Bell)

By Fergal Smith

© Reuters 2021
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