04:29 PM EDT, 09/09/2025 (MT Newswires) -- The Toronto Stock Exchange returned to record territory on Tuesday, posting its 11th record high in the last 13 sessions, with the resources-heavy index boosted by a big merger deal.

With a late rally, the S&P/TSX Composite Index finished the day up 35.28 points at 29,063.01, taking it about a dozen points clear of the last record close at 29,050.63 struck last Friday. Sectors were mixed, with Energy up 1.55% and the Battery Metals Index up 1.4%. No sector fell by as much as 0.5%.

Of commodities, gold traded down from a record late afternoon on Tuesday, despite expectations the Federal Reserve is will soon begin lowering interest rates as the U.S. economy falters. Gold for December delivery was last seen down $8.60 to US$3,6668.80 per ounce, down from Monday's record close of $3,677.40.

Also, West Texas Intermediate crude oil closed higher for a second day, bucking over-supply worries after OPEC+'s weekend decision to add 137,000-barrels per day to the market in October after last week completing the return of 2.2-million barrels per day of voluntary production cuts. WTI oil for October delivery closed up $0.37 to settle at US$62.63 per barrel, while November Brent crude was last seen up $0.40 to US$66.35.

The big stock story of the day came from the resources sector, with Teck Resources (TECK-A.TO, TECK-B.TO) agreeing to be acquired by Anglo American. Perhaps to appease concerns from regulators and the Canadian government, the two companies outlined plans to form an entity called Anglo Teck, which will be a Vancouver-headquartered copper producer. On closing, Anglo American and Teck shareholders will own about 62.4% and 37.6% of Anglo Teck, respectively. Anglo American chief executive Duncan Wanblad will serve as chief executive officer, with Teck's Jonathan Price becoming deputy CEO. Teck's A and B Class shares were both up more than 10% on the news.

The proposed deal will be subject to review by the Investment Canada Act, and it could be blocked if deemed not to be in the national interest. Canadian Industry Minister Melanie Joly said in a statement the federal government will address several issues as it considers the merger, including a promise to have senior leadership based in and reside in Canada.

National Bank noted Anglo will issue 1.3301 shares to Teck shareholders in exchange for each outstanding Teck class A common share and class B subordinate voting share, implying a value of about US$17.7 billon for Teck after netting out the announced pre-merger special dividend from Anglo.

According to National Bank. the purchase price is "effectively in line" with Teck's current share price and at current commodity prices would imply an EV/2026E EBITDA multiple of about 4.7 times. It said: "We have previously outlined Teck shares as a compelling opportunity given the market has been overly punitive on the valuation given ramp-up challenges and lack of clarity into 2026 at QB -- announcing a sale now may signal a lack of confidence from management in resolving these issues."

National added: "We believe the offer for Teck could spark interest from several large-cap diversified mining companies looking to secure access to Teck's large-scale copper portfolio within the Americas. Assuming any acquirer has confidence in achieving nameplate capacity at QB within a reasonable timeframe we see potential for an implied valuation in line with that of copper peers."

Meanwhile, in terms of other sectors, Rosenberg Research provided an update on the Rosie Macro Fund, which tracks its highest conviction calls and is "dedicated to the conservative investor, who is mindful of capital preservation as well as the preservation of cash flows".

The Fund sold out of its entire T-bill position with cash "beginning to look less attractive", and half of the proceeds was used to initiate a position in global Health Care stocks via the iShares Global Healthcare ETF (IXJ). Rosenberg Research said the sector has moved up its rankings of late, both in its recent strategy work and technical analysis.

"The group offers long-term growth prospects at very reasonable prices, especially when compared to Tech (a sector it historically has kept up with). Added defensive characteristics during times of market uncertainty and a weak-dollar outlook are added factors behind the relative attractiveness of the global Health Care sector," it added.