(Bloomberg) -- Canadian equities rose Thursday for a third straight session as the index continues its push to close into bull market territory.
The S&P/TSX Composite Index gained about 2.6% to 13,487.30 in Toronto. All eleven sectors advanced, with health care shares and energy among gainers. U.S. stocks also climbed after jobless claims, and as investors continue to digest stimulus plans.
“Fear is part of the cure,” Eddie Perkin, chief equity investment officer at Boston-based Eaton Vance Management, said on BNN Bloomberg. Eaton Vance isn’t looking to make a “big cyclical recovery bet,” but says maintaining a balanced portfolio is key.
Opportunities exist to deploy capital in the current market, though keeping some dry powder is crucial, Perkin added.
Meanwhile, the Bank of Canada said it will purchase C$24 billion ($17 billion) in assets from banks through term repos on Thursday, double the amount a couple of days ago.
Oil’s recovery rally went into reverse as broad weakness across physical crude markets compounded mounting evidence of the demand devastation wrought by the coronavirus. WTI crude futures fell about 4.8% in New York to $23.35 per barrel.
Fears over the historic squeeze in the gold market showed signs of easing after some short sellers appeared to exit and investors rolled forward contracts.
- Western Canada Select crude oil traded at a $15.00 discount to West Texas Intermediate
- Spot gold rose about 0.7% to $1,628.80 an ounce
- The Canadian dollar rose 0.5% to C$1.4122 per U.S. dollar
- The 10-year government bond yield fell about 9.2 basis points to 0.810%
(Updates market move and commentary.)
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