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TSX ends up 0.1% at 22,290.62
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Index notches a four-week high
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Energy rises 0.5%
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Materials group adds 0.9%
(Updates at market close)
By Purvi Agarwal and Fergal Smith
May 7 (Reuters) - Canada's main stock index rose for a
fifth straight day on Tuesday, edging closer to a new record
high, as investors grew confident that a rally in
heavily-weighted resource shares could be sustained.
The Toronto Stock Exchange's S&P/TSX composite index
ended up 31.15 points, or 0.1%, at 22,290.62,
extending a string of gains since last Wednesday. It was the
highest closing level for the index in four weeks, when it
posted a record high of 22,361.78.
Combined, the energy and materials sectors account for 32%
of the TSX's weighting while financials account for 29%.
"If you have two out of those three categories that are
working, you've got a good market," said Philip Petursson, chief
investment strategist at IG Wealth Management.
"I would say that is what has been the trend over the past
little while and in our view can continue to be the trend
through the summer months."
The energy sector added 0.5% and the materials
group, which includes metal miners and fertilizer
companies, was up 0.9%.
"Economically, we are in a decent environment from the
global perspective ... we have steady growth that is supportive
of markets higher but it is also supportive of commodity prices
at these levels if not higher as well," Petursson said.
The move toward record highs came ahead of the release this
week of earnings from some major companies, such as Suncor
Energy Inc ( SU ), Manulife Financial Corp ( MFC ) and Shopify
Inc. ( SHOP )
The declining sectors on Tuesday included real estate
, which fell 0.7%, and consumer staples,
which ended 0.5% lower.