(Updates at market close)
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TSX ends up 0.01% at 27,036.16
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For the week, the index adds 1.29%
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Real estate group rises 1.9% as bond yields fall
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Toronto-area home sales rise for third month
By Fergal Smith
July 4 (Reuters) - Canada's main stock index eked out
another all-time high on Friday, led by gains for the real
estate and consumer staples sectors as long-term borrowing costs
fell.
The S&P/TSX composite index ended up 1.9 points,
or 0.01%, at 27,036.16, eclipsing Thursday's record closing
high. For the week, the index was up 1.29%, while it has
advanced 9.33% since the start of the year.
"The TSX just continues to grind higher and all the stuff
that you want to see working in that benchmark still continues
to work," said Mike Archibald, a portfolio manager at AGF
Investments, pointing to recent strength for the heavily
weighted bank stocks, as well as for the materials group, which
includes gold mining shares.
Volumes were lower than usual, with U.S. markets closed for
the Independence Day holiday.
"A lot of the stuff that we were hoping to see a couple of
months ago we're now starting to see it. You obviously got the
tax bill through in the U.S," Archibald said.
U.S. President Donald Trump was scheduled to sign a massive
package of tax and spending cuts into law at a ceremony at the
White House, one day after the Republican-controlled House of
Representatives narrowly approved the legislation.
The real estate group rose 1.9% as the Canadian 10-year yield
eased 4.1 basis points to 3.353% and after data
showed Toronto-Area home sales rising for a third straight month
in June. Consumer staples was up 0.4%.
Four of the ten major sectors ended lower, including
technology, which dipped 0.3%, and energy.
Energy was down 0.2% as U.S. crude oil futures fell 0.75%
to $66.50 a barrel ahead of an expected OPEC+ output increase.
Canada's federal government has not been presented with any
private sector proposal to build a new crude pipeline to the
Pacific coast, the country's Natural Resources Minister Tim
Hodgson said.
(Reporting by Fergal Smith in Toronto and Sukriti Gupta and
Twesha Dikshit in Bengaluru; editing by Mark Heinrich, William
Maclean and Chizu Nomiyama )