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CANADA STOCKS-TSX jumps to record high as safe-haven demand boosts gold
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CANADA STOCKS-TSX jumps to record high as safe-haven demand boosts gold
Jan 30, 2025 2:54 PM

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TSX ends up 1.3% at 25,808.25

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Eclipses Dec. 6 record closing high

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Tech and metal mining shares lead gains

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Gold prices rise amid economic uncertainty

(Updates at market close)

By Fergal Smith

Jan 30 (Reuters) -

Canada's main stock index rose to a record high on Thursday,

led by gains for technology and metal mining shares, as

investors assessed U.S. corporate earnings and after safe-haven

demand fostered by the threat of U.S. trade tariffs lifted the

price of gold.

The S&P/TSX composite index ended up 334.095

points, or 1.3%, at 25,808.25, eclipsing the record closing

level it posted on Dec. 6.

The materials group, which includes fertilizer companies and

metal mining shares, jumped 3.4% as the price of gold

rose to a record high.

"Gold is certainly looking somewhat attractive if you're

going into a period of economic uncertainty," said Michael

Sprung, president at Sprung Investment Management.

Trump said he would likely decide by the end of the day

whether to put a 25% tariff on imports of Mexican and Canadian

oil that would take effect on Feb. 1.

Still, the energy sector rose 0.5% as the price of oil

clawed back a small part of its recent declines. U.S. crude oil

futures settled 0.15% higher at $72.73 a barrel.

U.S. stocks also ended higher as investors digested a stack

of key earnings reports, including some from high-flying

technology companies.

The TSX's technology sector added 3.5%, with shares of

Celestica ( CLS ) jumping 14.3% after the electronics firm

surpassed analysts' fourth-quarter profit expectations.

"A lot of these stocks that are selling at very lofty

valuations could be very vulnerable," Sprung said. "We are

trying to position ourselves more to where we think there's some

relative safety, such as in financials and utilities."

Heavily weighted financials rose 0.7% and utilities added

1.7% as bond yields fell.

On Wednesday, the Bank of Canada cut its benchmark interest

rate by 25 basis points to 3% to support the economy.

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