Stocks in Toronto close higher, inflation report helps boost Canadian dollar

The Canadian Press</span>
Published Friday, August 17, 2018 11:45AM EDT
Last Updated Friday, August 17, 2018 4:49PM EDT

TORONTO -- Canada's main stock index closed higher in broad-based gains, while the loonie climbed higher after a stronger-than-expected reading of inflation.

The S&P/TSX composite index closed up 98.06 points at 16,323.71 as materials stocks rebounded from heavy losses earlier this week.

In New York, the Dow Jones industrial average closed up 110.59 points at 25,669.32. The S&P 500 index was down 9.44 points at 2,850.13 and the Nasdaq composite ended down 9.81 points at 7,816.33.

The Canadian dollar averaged 76.45 cents US, up 0.42 of a US cent. The loonie traded up after Statistics Canada reported the annual inflation rate hit 3.0 per cent in July, its highest level since September 2011.

The October crude contract closed up 33 cents at US$65.21 per barrel and the September natural gas contract ended up four cents at US$2.95 per mmBTU.

The December gold contract closed up 20 cents at US$1,184.20 an ounce and the September copper contract was up a penny at US$2.63 a pound.

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