TSX rises to record high, led by energy and mining shares
TORONTO - Canada's main stock index rose to a record high on Wednesday as higher commodity prices boosted energy and metal mining shares, and despite signs that renegotiation of a continental trade pact will spill over into next year.
The S&P/TSX Composite Index ended up 116.03 points, or 0.3%, at 35 485.11, moving past the July 15 record closing high.
"Today is looking promising for Canada because commodity prices are doing well with the exception of copper," said Colin Cieszynski, chief market strategist at SIA Wealth Management.
US Trade Representative Jamieson Greer said he hoped to strike some interim trade agreements with Mexico and Canada this year while tackling thornier changes of the US-Mexico-Canada Agreement such as stricter rules of origin in 2027.
The materials group, which includes metal mining shares, advanced 2.4%. Gold rose 1.3%, buoyed by a softer US dollar and technical buying.
NovaGold Resources said it would acquire the shares it does not already own in Donlin Gold from Paulson Advisors in an all-stock deal that would create a gold producer worth $4.2-billion. Shares of the precious metals company were up 10.1%.
Panama is considering creating a state-owned mining firm to partner with First Quantum Minerals on the re-opening of the shuttered flagship Cobre Panama copper mine, two people familiar with the development told Reuters. First Quantum's shares were down 1%.
Energy stocks added 1.3%. The price of oil settled nearly 3% higher at $86.83 a barrel on mounting supply concerns as hostilities continued to escalate between the US and Iran.
Six of the TSX's 10 major sectors ended lower, including technology. It lost 2.5% ahead of earnings from big US technology companies after the closing bell, with shares of Descartes Systems Group down 4%.
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