TSX ends week slightly lower, while tech buoys U.S. markets [Advisor.ca (Canada)]
Intel Corporation (INTC)
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Source: Advisor.ca
The S&P/TSX composite index finished down 8.82 points at 33,904.11, with energy one of the weaker sub-indexes. Kevin Burkett, portfolio manager at Victoria-based Burkett Asset Management, said headlines around the war in the Middle East, and its impact on global crude oil prices, was likely behind the slight dip on the Canadian market on Friday. “While the near-term contract has been very, very volatile on oil egress out of (the Strait of) Hormuz, the market continues to price in resolution on Iran — and I think fairly quickly,” Burkett said. About 20% of the world's crude oil supply normally moves from the Persian Gulf and through the strait on its way to destinations around the world. A ceasefire is tenuously in place between Iran and the U.S. but tensions between the two are still keeping oil tankers from passing through the narrow waterway. The June crude oil contract was down US$1.45 at US$94.40 per barrel, which is still more than 40% higher than it was before the war b
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