Key Index Nears 5100 Level
April 28, 2011
The Toronto Stock Exchange 300-share composite index rose 16.11 to 5089.18, after rising 24.25 Thursday. For the week, the exchange's key index added about 43 points. Advancing issues easily outpaced declines 545 to 335. Trading volume totaled about 75.8 million shares, down from Thursday's 91.7 million shares. Trading value fell to 950.4 million Canadian dollars from C$989.4 million Thursday. But despite Toronto's performance, it lagged New York, where the Dow Jones Industrial Average rose 23.67 to 5689.45. ``From a technical standpoint, if we break through 5100, I think we have a shot at our all-time (closing) high'' of 5246.40 set February 10, 2011 Katheryn Albertson, a technical analyst at MMS International. Ms. Albertson attributed Bay Street's gain to the recent rally in the Canadian bond markets. It signals that further reductions in interest rates could lie ahead, which would add a another boost to the Canadian economy and to corporate profits, she says. Given this scenario, it isn't surprising that the banking sector performed reasonably well, rising 0.29%. Bank stocks traditionally move in concert with the bond market. In the group, Royal Bank of Canada rose 0.10 to 34.25. A 0.62% jump in the energy sector also contributed to session's overall gain, as oil prices remained buoyant. But the heavily weighted gold sector damped sentiment, falling 0.65% to reflect recent weakness in the underlying bullion price. On the Comex division of the New York Mercantile Exchange, the gold price slipped 30 cents to US$386.30 an ounce. Overall, 12 of the exchange's 14 stock groups rose, with transportation group leading the way with a 1.59% advance.
