financetom
World
financetom
/
World
/
CANADA STOCKS-TSX edges closer to record high as resource shares advance
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
CANADA STOCKS-TSX edges closer to record high as resource shares advance
May 7, 2024 1:58 PM

*

TSX ends up 0.1% at 22,290.62

*

Index notches a four-week high

*

Energy rises 0.5%

*

Materials group adds 0.9%

(Updates at market close)

By Purvi Agarwal and Fergal Smith

May 7 (Reuters) - Canada's main stock index rose for a

fifth straight day on Tuesday, edging closer to a new record

high, as investors grew confident that a rally in

heavily-weighted resource shares could be sustained.

The Toronto Stock Exchange's S&P/TSX composite index

ended up 31.15 points, or 0.1%, at 22,290.62,

extending a string of gains since last Wednesday. It was the

highest closing level for the index in four weeks, when it

posted a record high of 22,361.78.

Combined, the energy and materials sectors account for 32%

of the TSX's weighting while financials account for 29%.

"If you have two out of those three categories that are

working, you've got a good market," said Philip Petursson, chief

investment strategist at IG Wealth Management.

"I would say that is what has been the trend over the past

little while and in our view can continue to be the trend

through the summer months."

The energy sector added 0.5% and the materials

group, which includes metal miners and fertilizer

companies, was up 0.9%.

"Economically, we are in a decent environment from the

global perspective ... we have steady growth that is supportive

of markets higher but it is also supportive of commodity prices

at these levels if not higher as well," Petursson said.

The move toward record highs came ahead of the release this

week of earnings from some major companies, such as Suncor

Energy Inc ( SU ), Manulife Financial Corp ( MFC ) and Shopify

Inc. ( SHOP )

The declining sectors on Tuesday included real estate

, which fell 0.7%, and consumer staples,

which ended 0.5% lower.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
European Equities Traded in US as ADRs Rise in Thursday Trading
European Equities Traded in US as ADRs Rise in Thursday Trading
Jun 11, 2026
11:09 AM EDT, 06/11/2026 (MT Newswires) -- European equities traded in the US as American depositary receipts rose late Thursday morning with the S&P Europe Select ADR Index climbing 1.7% to 1,874.97. From continental Europe, the gainers were led by biopharmaceutical company argenx (ARGX) and semiconductor company Sequans Communications ( SQNS ) , which rose 2.7% and 2.6%, respectively. They...
CANADA STOCKS-TSX opens higher as Dollarama leads; geopolitical tensions in focus
CANADA STOCKS-TSX opens higher as Dollarama leads; geopolitical tensions in focus
Jun 11, 2026
June 11 (Reuters) - Canada's main stock index opened higher on Thursday, led by retailer Dollarama ( DLMAF ), although lingering geopolitical tensions kept investors on edge. At 9:34 a.m. ET, the Toronto Stock Exchange's S&P/TSX Composite Index was up 0.7% at 34,389.47 points. ...
Asian Equities Traded in the US as American Depositary Receipts Rise in Thursday Trading
Asian Equities Traded in the US as American Depositary Receipts Rise in Thursday Trading
Jun 11, 2026
10:38 AM EDT, 06/11/2026 (MT Newswires) -- Asian equities traded in the US as American depositary receipts were tracking higher Thursday morning, rising 0.31% to 2,773.92 on the S&P Asia 50 ADR Index. From North Asia, the gainers were led by semiconductor companies Himax Technologies ( HIMX ) and Silicon Motion Technology ( SIMO ) , which climbed 7.5% and...
Euro zone bond yields tick up after ECB rate hike and Trump's Iran comments
Euro zone bond yields tick up after ECB rate hike and Trump's Iran comments
Jun 11, 2026
June 11 (Reuters) - Euro zone bond yields rose slightly on Thursday, but remained lower on the day, after European Central Bank policymakers raised interest rates and signalled the outlook for growth and inflation was uncertain. Germany's 2-year yields, which is sensitive to expectations for policy rates, were last very slightly lower on the day at 2.701%, from 2.673% before...
Copyright 2023-2026 - www.financetom.com All Rights Reserved