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TSX ends up 0.1% at 24,789.28
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Tech adds 1.9%; financials end 0.9% higher
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Materials end down 4.1% as gold falls
(Updates throughout at market close)
By Fergal Smith
Nov 11 (Reuters) - Canada's main stock index edged
higher on Monday as investors remained bullish following the
U.S. presidential election, but gains were held in check by a
sharp decline in gold mining shares.
The S&P/TSX composite index ended up 29.88 points,
or 0.1%, at 24,789.28, moving closer to the record closing high
it posted last Thursday.
"The TSX is on a roll today, building on a rally sparked by
Donald Trump's election victory," said Brandon Michael, senior
investment analyst at ABC Funds.
"Financial services, technology, and industrials are leading
the market higher. These are high-beta, risk-on sectors - which
is exactly what you want to see in a bullish environment for
stocks."
Expectations for lower corporate taxes and deregulation
under U.S. President-elect Donald Trump have helped boost stocks
globally in recent days.
High-beta stocks include stocks that are more volatile than
the market as a whole.
Financials, the most heavily weighted sector on the TSX,
rose 0.9% and technology was up 1.9%. Shares of e-commerce
company Shopify Inc ( SHOP ) climbed 3.4% ahead of the release
of its quarterly earnings on Tuesday.
"A big winner of Trump's election victory is the U.S.
dollar, which has strengthened significantly, and that is a
major headwind for commodities," Michael said.
The U.S. dollar climbed to a four-month high against
a basket of major currencies, while gold and copper
prices fell.
The materials sector, which includes metal mining shares and
fertilizer companies, was down 4.1%. Energy was little changed,
declining 0.04%, as oil settled 3.3% lower at $68.04 a
barrel.