Wednesday saw the energy sector jump on the news of a deal by OPEC to cut production limits in an effort to boost the price of oil. Crude prices rose the most in 9 months on news of the deal and prices are expected to continue to advance.
Banks however faced choppy trading as Royal Bank of Canada reported lower than expected quarterly earnings which tumbled the stock dragging other banks who have yet to report earnings, lower.
Bank Of Nova Scotia Stock moved higher after reporting better than expected earnings. It set a new intraday high of $74.46 but closed at $74.14 pressured by sellers concerned over upcoming quarterly earnings results from the other major banks.
TSX Composite Index Rises 83.04 Points
Intraday the TSX Composite Index managed to push to $15,141,02. By the close it had dropped back 59 points to close at 15,082.85 but back above 15000.
The intraday high on Wednesday was the highest level in months for the TSX Composite Index which is continuing to eye the all-time high of Sept 3 2014 when the index reached 15,685.13.
Here is the Canadian Stock Market outlook for Thursday Dec 1 2016 I have included a number of trade ideas I am planning on entering on Thursday on the TSX Composite Index.
The rest of the Canadian Stock Market Outlook for Tomorrow is for members.
TSX Composite Index – Canadian Stock Market Outlook for Dec 1 2016
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