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TSX Records New Closing High For 2019

The Canadian stock market ended on a firm note on Friday with its benchmark recording a new closing high 2019, led by gains in energy and financial shares, after crude oil prices moved higher and U.S. lenders JP Morgan Chase and Wells Fargo reported strong first quarter results.

The sentiment was also lifted by news about Chevron acquiring Anadarko Petroleum for a whopping US$33-billion, the largest in about ten years.

The S&P/TSX Composite Index ended up 81.06 points, or 0.49%, at 16,480.53, slightly off the day's high of 16,487.14.

On Thursday, the index failed to hold early gains and ended just 3.18 points, or 0.02% up at the day's low of 16,399.47.

For the week, the index gained 0.52%.

Encana Corporation (ECA.TO) surged up 5.3% and Crescent Point Energy (CPG.TO) ended 5.2% up. Surge Energy (SGY.TO) gained over 8%. Baytex Energy (BTE.TO), Whitecap Resources (WCP.TO) and MEG Energy Corp. (MEG.TO) also rose sharply.

In the financial space, Royal Bank of Canada (RY.TO), Toronto-Dominion Bank (TD.TO), Bank of Nova Scotia (BNS.TO), Bank of Montreal (BMO.TO), Canadian Imperial Bank of Commerce (CM.TO) and National Bank of Canada (NA.TO) gained 0.6 to 1.2%.

Manulife Financial (MFC.TO) and Sun Life Financial Inc. (SLF.TO) both ended higher by about 0.7%.

Canopy Growth Corporation (WEED.TO) jumped 5.3% on being included in the S&P/TSX 60 index. The stock's addition will be effective from April 18. This is the first stock from cannabis industry to make it to the key index.

U.S. stocks closed on a firm note on strong results from JP Morgan Chase and Wells Fargo. The Nasdaq and the S&P 500 posted their best closing levels in over six months. The Dow edged up marginally.

European markets too finished on a strong note today. Asian markets turned in a mixed performance once again.

In commodities, West Texas Intermediate Crude oil futures for May ended up $0.31, or 0.5%, at $63.89 a barrel, after rising to a high of $64.65 a barrel intraday.

Gold futures for June ended up $1.90, or 0.2%, at $1,295.20 an ounce.

Silver futures for May ended up $0.096, at $14.963 an ounce, while Copper futures for May settled at $2.9460 per pound, gaining $0.0590.

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