TSX hits record high as mining and technology shares jump
TORONTO - Canada's main stock index rose to a record high on Tuesday, led by gains for technology and metal mining shares, as hopes rose for a reduction in Middle East tensions.
The Toronto Stock Exchange's S&P/TSX Composite index ended up 575.45 points, or 1.6%, higher at 35 801.59, marking its biggest one-day gain since April 30 and eclipsing the record closing high it posted last Tuesday.
US benchmark, the S&P 500, also scaled a record closing high, powered by the latest batch of earnings from AI-related companies that assuaged demand concerns, while crude prices and Treasury yields dropped on hopes for a deal in the US-Iran war.
Qatar said mediators were making progress in efforts to end the conflict.
"There's some renewed relief coming from the Gulf states right now," said Sartorial Wealth CEO Shiraz Ahmed. "Markets are getting a bit of a breather."
The materials group, which includes metal mining shares, advanced 5.2%, led by a gain of 15.8% for the shares of Americas Gold and Silver.
The price of gold was up 0.6% as the drop in oil prices tempered inflation fears, lowering US interest rate hike bets.
Technology added 7.1%, with shares of electronic equipment company Celestica Inc up 12.9%.
Industrials rose 3.1% and heavily weighted financials ended 0.8% higher.
WestJet, majority-owned by Onex Corp said it was gradually resuming operations after reaching a tentative agreement with its flight attendants, ending a strike that caused hundreds of cancellations during a Canadian holiday weekend. Shares of Onex were up 5.6%.
Four of the 10 major sectors fell, including energy, which lost 2.9%, as the price of oil settled 5.7% lower at $75.77 a barrel.
Data showed that Canada's trade surplus hit a four-year high of C$3.86-billion ($2.75-billion) in June, when a weaker Canadian dollar helped inflate the value of exports and imports.
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