The Canadian Stock Market on Monday opened with a move to the upside. By 10:00 the TSX was already at $13868 and by noon it was at $13921. The remainder of the day the index drifted sideways and slipped slightly at the end of trading, closing at 13,893.49.
TSX Composite Index Rises 144.91 Points
The price of oil climbed higher on Monday aiding the energy sector which rose 2 percent. All metals including copper and gold rose. Gold is up 21 percent this year and while many analysts are calling this a gold bull rally in a longer term bear market for the precious metal, investors are continuing to place capital into this asset. Barrick Gold Stock (BX) rose 2.31% to $24.41 while the GLD ETF rose to $122.93 intraday although it fell back to $121.80 by the close of the day, up just 9 cents.
Oil continues to look like it will move higher as production has fallen from Canada, Nigeria and Libya which is curbing some of the oil glut on the market. It could though be temporary. Analysts are almost evenly split between those who think oil will break through $50 and reach $60 this summer to those who think oil will fall back below $40………….the rest of the Canadian Stock Market Outlook for Tomorrow is for members.
TSX Composite Index – Canadian Stock Market Outlook for May 17 2016
FullyInformed Members can log in through this link to read the latest Canadian Stock Market Outlook for tomorrow for the TSX Composite Index or they can sign in to the full members site here. Non-members can join here or review the benefits of a membership.
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