Surging prices for crude oil have the Toronto Stock Exchange (TSX) at an all-time high.
Canada’s main stock index, which is heavily weighted towards commodities such as oil and natural gas, is beginning the trading week at a record high after closing on Oct. 4 at 24,162.83.
The Toronto Stock Exchange has now risen for four consecutive weeks, propelled higher largely by rising commodity prices, notably crude oil.
Crude prices rose 10% in the past week as conflict in the Middle East escalates and threatens oil production in the region.
West Texas Intermediate (WTI) crude, the America standard, is trading at $76.25 U.S. per barrel and is up 2.58% to start the week.
Brent crude oil, the international benchmark, is trading right around $80 U.S. a barrel, up 2.25% in early trading on Oct. 7.
Canada’s five main banks, combined with mining and energy stocks, comprise nearly two-thirds (67%) of the Toronto Stock Exchange’s weighting.
As a group, energy stocks listed on the Toronto Stock Exchange rose 8.5% over the last week, their biggest weekly increase in two years.
Year-to-date, the Toronto Stock Exchange has risen 15%, trailing the 21% gain in the benchmark S&P 500 index in the U.S.
