Positive Data Sees TSX and Loonie Rise

21 December 2011 - Which Way to Pay

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Positive Data Sees TSX and Loonie Rise

The Canadian dollar saw gains of nearly a cent, along with the TSX index closing up almost 200 points as new confidence in the eurozone grew as well as positive inflation data released yesterday. The S&P/TSX composite index gained 193.73 points or about 1.7%, taking it up to 11,733.43.

The Canadian dollar gained 0.79 cents, climbing to 97.06 cents US by close of trade. This followed data showing inflation in Canada was in line with predictions in November. Consumer prices increased by 2.9% throughout the year to November, which is the same rate as they went up the previous month.

In New York, the Dow Jones Industrial Average was up nearly three per cent or 337.17 points to 12,103.43. The tech-laden Nasdaq was 80.59 55 points or nearly 3.2% higher to 2,603.73. The gains on the stockmarket however do not reflect the performance of most other major North American markets where gains have been weak on the run-up to Christmas.

This could imply that the volatility in the market could continue. According to Colin Cieszynski from SMS Markets Canada, ‘overall, markets remain essentially range bound with tax-loss and pre-hiliday selling offset by year-end short covering and bargain hunting. Moderate swings back and forth such as these may continue through the rest of the week.’

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