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CANADA STOCKS-Toronto market ends higher, led by 'high-beta' stocks
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CANADA STOCKS-Toronto market ends higher, led by 'high-beta' stocks
Nov 11, 2024 2:03 PM

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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.

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