04:16 PM EDT, 04/28/2025 (MT Newswires) -- Investors pushed the Toronto Stock Exchange higher for the ninth time over the last 11 sessions on Monday ahead of the end of voting in a federal election that could herald a new era of self determination for Canada, marked by increased economic independence from the United States.

The S&P/TSX Composite Index closed up 88.08 points at 24,798.59. Among sectors, Health Care, down 1.36%, and Base Metals, down 0.77%, were the biggest decliners, with Telecoms, up 0.61%, the biggest gainer on the day.

As a sign of how important this federal election is to most Canadians tired of threats to the economy and sovereignty of the nation from U.S. President Donald Trump, Scotiabank on Monday noted about one quarter of eligible voters voted in advance polls. For the rest, polls opened first in Newfoundland at 7:00 a.m, Eastern Time and then over the rest of Canada, depending on time zones.

Scotiabank noted results will start rolling in shortly after polls close in Newfoundland at 7:00 p.m ET and then the rest of Atlantic Canada after 7:30 p.m. ET. The bank said key to the outcome will be when Ontario, Quebec and the Prairies begin reporting later in the evening and then if the vote is still close, when British Columbia begins reporting after 10 p.m. ET. "I would guess that we'll probably know by 11pm, maybe a little earlier or a little later. If the seat mapping sites are close to the actual outcome, then their projected tallies could make BC's outcome count," said Derek Holt, Scotia's Head of Capital Markets Economics.

Holt said which ever political party wins, most likely the Liberals under new leader and former central banker, Mark Carney, will not have the support of a majority of Canadian voters. Roughly six in 10 voters will choose another party, according to the polls, Holt noted. According to Holt, the country is likely to remain highly divided, with the outcome speaking more to the political divisions within a first past the post parliamentary system. "Ask the UK about that one, after Labour's massive 2024 majority (411 out of 650 seats) was won with just about one-third of the popular vote," he added.

Of commodities, gold traded higher late afternoon on Monday as the U.S. dollar weakened, boosting safe-haven demand. Gold for June delivery was last seen up $63.20 to US$3,360.90 per ounce, sticking below the April 21 record high of US$3,425.30.

But West Texas Intermediate crude oil fell as OPEC+ readies to add supply while U.S. President Donald Trump's global trade wars continue to roil markets. WTI crude oil for June delivery closed down $0.97 to US$62.05 per barrel, while June Brent crude was last seen down $1.22 to US$65.65.