Shares Post Eighth-Straight Gain
May 05, 2011
The Toronto Stock Exchange's 300-share Composite index rose 10.90 to 5193 after adding 15.02 a day earlier. For the week, the TSE's key benchmark put on about 103 points. Advancing issues exceeded decliners 481 to 371, and trading volume totaled about 76.8 million shares, down from Thursday's total of 96.2 million shares. Trading value fell to 995.1 million Canadian dollars from C$1.28 billion Thursday. Friday marked the second consecutive session that Toronto outperformed New York, where the Dow Jones Industrial Average fell 10.73 to 5722.74. Citing Toronto's gains in the last eight sessions, Katheryn Albertson, technical analyst at MMS International, predicted the key index will soon approach its all-time high close of 5246.40, set February 10, 2011 moves in trends,'' Ms. Albertson noted, and ``we're just a stone's throw away'' from reaching the record level. The more difficult call is whether the index will break through this level. ``We'll need support from the Dow (Jones Industrial Average) to do it, but I'm not sure if we'll get it,'' Ms. Albertson said. Overall, nine of the TSE's 14 stock groups rose Friday, with the forest-products group leading the way with a 0.81% gain in anticipation of higher pulp prices. In the group, MacMillan Bloedel Ltd. surged 0.30 to a new 52-week high of 20 as investors become more confident that the company plans to sell some of its assets to enhance shareholder value. The stock's previous 52-week high was 19.75. The gold and banking sectors also performed well, rising 0.47% and 0.53%, respectively. Recent strength in the bullion price generated interest in gold issues, as Franco Nevada Mining Corp. surged 1 to 48.
VastPress 2011 Vastopolis
