The Toronto Stock Exchange is roaring and it’s largely due to energy.
The S&P/TSX Composite Index could cross the 17,000 mark for the first time today after closing at 16,858 last night.
For the most part, the gains have been steady over the last year, with banks providing significant gains. Recently though, oil stocks have seen a significant increase in support largely due to the drone attack which took offline almost half of Saudi Arabia’s oil production capabilities.
With risk rapidly increasing in the Persian Gulf as well, it seems many investors are shifting their interests to secure producers such as Canada.
While the situation in the middle east has been helpful, the index has been predicted to surpass the 17,000 mark this year regardless.