TSX snaps six-day winning streak to close out last full trading week of the year

TORONTO – The Toronto Stock Exchange’s main index broke its six-day streak of gains to conclude the last full trading week of the year as North American markets remained relatively flat ahead of the holiday weekend.

The S&P/TSX composite index shed 7.08 points to 15,328.15. Throughout the day, the market seemed poised to cap off the week with a seventh consecutive day in the positive, only to see that evaporate just before markets closed.

There was barely movement in New York, where the Dow Jones industrial average advanced 14.93 points to 19,933.81, the S&P 500 rose 2.83 points to 2,263.79 and the Nasdaq composite gained 15.27 points to 5,462.69.

Toronto and New York stock markets will be closed Monday. New York will reopen Tuesday, while trading in Toronto resumes Wednesday.

“Volumes are significantly lower than normal as we roll into the holiday time,” said Stephen Carlin, managing director and head of equities at CIBC Asset Management.

He said trading is likely to remain relatively flat in the week ahead as investors take time off and the markets take a break after recent strong growth following Donald Trump’s surprise victory in the U.S. presidential election.

A number of stocks have also moved up in value due to expectations of economic growth based on developments like a recent agreement by OPEC to limit crude oil production and the U.S. Federal Reserve’s decision to hike interest rates, Carlin said.

The central bank’s move has lent strength to the U.S. dollar, which in turn has hurt the loonie, he said.

The Canadian dollar lost 0.21 of a U.S. cent to 73.88 cents US. The last time it closed below that was on Feb. 25 at 73.85 cents US.

Weaker economic data north of the border hasn’t helped either, Carlin said.

Statistics Canada said Friday that Canada’s economy saw its first monthly decline since the Fort McMurray, Alta., wildfires in May. GDP shrank by 0.3 per cent for October, with weak performance in the manufacturing and the oil and gas sectors.

On the commodity markets, the February contract for oil gained seven cents to US$53.02 per barrel and February gold rose US$2.90 to US$1,133.60 an ounce.

The February natural gas contract, which was more heavily traded than January’s, added 12 cents to US$3.68 per mmBTU and March copper shed about two cents to US$2.48 per pound.

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