TSX rebounds on Friday, up 1.07%
The Canadian S&P/TSX Composite Index rebounded on Friday increasing by 154.03 points (1.07 percent) to 14,613.32 points following news that the Bank of Japan will be expanding its stimulus program.
The Bank of Japan admitted that Japanese economic growth and inflation has not improved as much as predicted (after the tax hike earlier this year).
As a result it announced an expansion of its stimulus spending. Increased spending could help lift the country out of decades of stagnation.
The TSX info-tech sector was up 2.40 percent, with companies such as CGI Group Inc. and Open Text Corp rising by 1.63 and 2.54 respectively.
The index’s most weighed sector, financials, increased by 1.05 percent. Royal Bank of Canada was up by 0.5 percent and Toronto-Dominion Bank gained 1.32 percent.
The energy sector also performed well, rising by 2.11 percent, with Suncor Inc. up by 2.62 percent and Canadian Natural Resources Ltd. increasing by 2.85 percent.
The metals and mining sector was up 2.09 percent.
Industrials climbed 2.51 percent.
The only sector that did not perform so well was the TSX market’s utilities index, which dropped by 0.31 percent.