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CANADA STOCKS-TSX hits record closing high as rising Middle East tensions boost oil prices
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CANADA STOCKS-TSX hits record closing high as rising Middle East tensions boost oil prices
Oct 2, 2024 10:36 PM

*

TSX ends up 0.1% at 24,033.99

*

Eclipses Thursday's record closing high

*

Energy climbs 3.4%; oil settles up 2.4%

*

Materials group adds 1% as gold rises

(Updates at market close)

By Fergal Smith

Oct 1 (Reuters) - Canada's commodity-linked main stock

index inched up to a record closing high on Tuesday, adding to

blockbuster third-quarter gains, as resource shares benefited

from higher oil and gold prices after an escalation in the

Middle East conflict.

The Toronto Stock Exchange's S&P/TSX composite index

ended up 33.62 points, or 0.1%, at 24,033.99, slightly

eclipsing the record closing high it posted on Thursday.

"With some of the concerns in the Middle East and the

strength in oil and the commodities, the TSX did well versus

some of the other peers," said Greg Taylor, a portfolio manager

at Purpose Investments.

U.S. stocks fell as investors grew more cautious after Iran

fired missiles at Israel.

The TSX's energy sector climbed 3.4% as oil settled

2.4% higher at $69.83 a barrel. Gold, a traditional safe

haven, also rose, helping to lift metal mining shares.

The materials sector, which includes metal miners and

fertilizer companies, added 1%. All the other major sectors lost

ground, with technology falling 1.6% and industrials ending 0.8%

lower.

The Toronto market climbed 9.7% in the third quarter, its

biggest quarterly gain in four years, as gold soared to record

highs and major central banks, such as the Federal Reserve and

the Bank of Canada, cut interest rates.

Lower borrowing costs boosted domestic manufacturing

activity in September. The S&P Global Canada Manufacturing

Purchasing Managers' Index increased to 50.4 from 49.5 in

August, its first move above the 50.0 no-change mark since April

2023.

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