After falling 12 percent in 2018 and having its worst year in a decade, Canada’s stock exchange looked to start the year on a high note today.
By the final bell, it turned out to be an overall flat day on Bay Street as the TSX moved up 24 points, even with eight of 11 sectors dipping into the red.
Gains in the influential energy, financials, and health care sectors kept the index slightly above the flat line.
As well, a 4.9 percent rise in industrial giant Bombardier helped push the exchange into the green.
On Dec. 27, the plane and train maker announced the sale of four Global 6000 business jets to an undisclosed customer. The transaction is valued at $310 million US.
Hints of Saudi Arabia cutting output in the face of a glut of global supplies helped pump up the price of oil.
Oil jumped $1.08 to $46.49 US a barrel which helped provide a boost to Canada’s most heavily traded energy stocks, which moved up between 1.6 and 4.3 percent.
In New York, the Dow fell by as many as 400 points earlier in the day on news of a slowdown of manufacturing activities in China and Europe.
But the Dow rallied at the final bell to finish 18 points on the upside, with jumps in General Electric, Goldman Sachs, Chevron and Exxon Mobile shares holding the index up.
The Nasdaq was in the green, up 30 points despite a 6.8 percent tumble in Tesla shares after the electric car maker’s production numbers fell short of analysts’ estimates.
The Canadian dollar has lots of ground to make up this year, after its worst annual performance since 2015.
The loonie strengthened by a quarter of a cent today, to $0.7356 US while gold was $5.20 higher at $1,285 an ounce.