TSX, Loonie Rebound as Turbulence From Brexit Vote Subsides
North American stock markets showed signs of revival in a post-Brexit world, clawing back some of the massive losses suffered in a retreat sparked by last week’s British vote to leave the European Union.
The Toronto Stock Exchange’s S&P/TSX composite index added 152.90 points to 13,842.69, recovering more than a third of its losses over the last two sessions.
The Canadian dollar also enjoyed a bounceback following heavy losses against the greenback, rising 0.23 of a U.S. cent to 76.72 cents U.S. amid rising oil prices.
New York markets were also strongly positive, helped by encouraging U.S. economic data. The Dow Jones was up 269.48 points at 17,409.72 after the index lost 871 points or 4.8 per cent of its value in the previous two sessions. The broader S&P 500 was up 35.55 points at 2,036.09, while the tech-heavy Nasdaq gained 97.43 points to 4,691.87.
In commodities, the August contract for benchmark North American crude oil settled up $1.52 at $47.85 (U.S.) a barrel, while August natural gas shot up 15 cents to $2.89 (U.S.) per MMBtu and September copper added 5 cents to $2.17 (U.S.) a pound.
Gold bullion, a safe haven commodity that gained more than $60 (U.S.) since the Brexit vote, saw the August contract fall $6.80 to $1,317.90 (U.S.) a troy ounce.