S&P/TSX composite rises for fifth week in a row while loonie nears 80 cents
TORONTO –
Further gains in the energy sector powered Canada’s main stock index higher for a fifth straight week and raised the loonie to almost 80 cents.
The energy sector gained 2.8 per cent as an attack on a Saudi oil depot caused crude prices to reverse from early losses when there were concerns that EU sanctions on Russian oil weren’t as strong as some wanted.
The May crude oil contract climbed US$1.56 to US$113.90 per barrel and the May natural gas contract was up 16.5 cents at US$5.61 per mmBTU.
The Canadian dollar rose to its highest level in two months, trading for 79.99 cents US after moving above 80 cents earlier in the day, and compared with 79.71 cents US on Thursday.
While the loonie can stay above 80 cents to trade between 80 and 85 cents, its value is being held back by concerns that the Canadian housing market “could pop in the next little bit,” said Greg Taylor, chief…
