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TSX ends up 0.8% at 25,897.48
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Eclipses January 30 record closing high
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Atkinsrealis Group ( SNCAF ) jumps 10.9% on results
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Nine of 10 major sectors post gains
(Updates at market close)
By Fergal Smith
May 15 (Reuters) - Canada's main stock index rose to a
record high on Thursday, helped by gains for industrial and
financial shares, as recent de-escalation of the global trade
war fueled investor excitement about the market's prospects.
The Toronto Stock Exchange's S&P/TSX composite index
ended up 205.03 points, or 0.8%, at 25,897.48,
eclipsing the record closing high it posted on January 30.
"Day-to-day we're seeing big swings in investor exuberance,"
said Michael Sprung, president at Sprung Investment Management.
Investors could be "trying to read into some of these deals
in the Middle East and the (potential) boost to the economy,"
Sprung said.
A series of investment deals from the Middle East, during
U.S. President Donald Trump's ongoing Gulf tour, along with
earlier positive news on cooler U.S. inflation data and the
U.S.-China tariff dispute has raised investor sentiment.
"We have this presumed de-escalation of the trade war with
China but I'm not certain how long that will last," Sprung said.
The industrials sector rose 1.8%, led by a gain of 10.9% for
the shares of AtkinsRealis Group Inc ( SNCAF ) after the
engineering services firm reported first-quarter profit and
revenue above estimates.
Heavily weighted financials added 1%, while the materials
group, which includes metal mining shares, was up 1.3% as gold
rallied.
Energy was the only one of 10 major sectors to lose ground.
It fell 1.3% as the price of oil settled 2.4% lower at
$61.62 a barrel on expectations for a U.S.-Iran nuclear deal.