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TSX ends up 0.2% at 26,426.31
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Stops just short of record closing high
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Energy rises 1.3%, with Cenvous up 2.4%
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Materials is only major sector to end lower
(Updates at market close)
By Fergal Smith
June 10 (Reuters) - Canada's main stock index rose on
Tuesday, led by energy and consumer-related stocks, as investors
welcomed recent signs of economic resilience and potential
progress in U.S.-China trade talks .
The S&P/TSX composite index ended up 50.51 points,
or 0.2%, at 26,426.31, stopping just short of the record closing
high it posted on Friday.
"Markets are enjoying the moment," said Angelo Kourkafas,
senior investment strategist at Edward Jones, adding that
economies, particularly in the U.S., remain resilient, corporate
profits are rising and global trade tensions are easing.
U.S. Commerce Secretary Howard Lutnick said trade talks with
Chinese officials were going well and he hoped they would end on
Tuesday night, but said they could run into Wednesday.
The energy sector rose 1.3% even as the price of oil gave
back some recent gains, settling 0.5% lower at $64.98 a barrel.
Cenovus Energy ( CVE ) is in the process of ramping up
production at its Christina Lake oil sands site in Alberta after
shutting output due to wildfire risk in early June, its CEO
confirmed. Shares of Cenovus ended 2.4% higher.
Consumer staples added 1.7% and consumer discretionary was
up 1%.
The materials sector was the only one of 10 major sectors to
lose ground, falling 1.2% as the price of gold steadied
and copper prices dipped.