Oil Pushes Canada Shares Upwards
The TSE 300 ended the session at 7960, up 15 points. Oil, gas and utilities were the best performers as investors continued to reward sectors with high earnings visibility. Technology stocks and pipelines were the worst performers. TSE 300 market breadth is 154-125 positive. Trading volume was fairly light as many investors preferred to adopt a defensive approach until the economy shows sign of reacclerating growth momnetum. Next week's Canadian GDP data will provide some market guidance. The index needs to make a clear break above its resistance at 8000 to improve its technical posture.
European markets ended up. In London, the Financial Times-Stock Exchange 100 index added 40.80 points, or 0.70%, to 5,868.30. In Germany, the DAX Index gained 8.47 points, or 0.14%, to 6,123.66. In France, the CAC 40 was up 73.89 points, or 1.37%, to 5,481.73.
In Asia, the markets finished higher. The Nikkei gained 145.53 points, or 1.05%, to 13,973.03. Bank and brokerage stocks extended gains amid signs the new prime minister will promote reform. In Hong Kong, the Hang Seng added 43.56 points, or 0.33%, to 13,293.11.