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Market Update: Canada Stocks Close Higher
The S&P/TSX Composite Index closed up nearly 50 points or 0.2% at 20,049 on Thursday, close to an all-time high, on the back of higher commodity prices and easing inflation concerns. Investors looked past higher-than-expected inflation figures from its southern neighbor, which saw consumer prices rise at the fastest pace in almost 13 years, mainly due to low base effects and auto supply issues. Elsewhere, hopes of an economic recovery continued to support sentiment, a day after the Bank of Canada left interest rates unchanged at record-low levels, and said the economy would “rebound strongly” amid a pick up in vaccinations. On the pandemic front, Alberta lifted many of its COVID-19 restrictions on Thursday, stepping into the second phase of its reopening plan, as the province sees 67% of eligible Albertans inoculated with at least one dose. [/s2If]
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