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TSX ends up 0.4% at 24,798.59
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Moves above 2024 year-end level
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Financials, energy and tech all add 0.4%
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Industrials lose 0.5% as railroad shares fall
(Updates at market close)
By Sanchayaita Roy and Fergal Smith
April 28 (Reuters) - Canada's main stock index edged
higher as Canadians headed to the polls on Monday, with
investors betting that the market will benefit from receiving
greater clarity on the nation's economic policies after the
outcome of the vote is known.
Toronto Stock Exchange's S&P/TSX composite index
ended up 88.08 points, or 0.4%, at 24,798.59, closing above its
2024 year-end level for the first time since April 2 amid recent
hopes of a cooling in the global trade war.
The ruling Liberal Party is expected to win the most seats
in a general election but the main opposition Conservative Party
has closed the gap in recent days, the latest polls show.
Regardless who wins, Canada stands to elect a more
business-friendly government than has been the case in recent
years after both main parties proposed sweeping changes to boost
economic growth.
The "Canadian economy wants certainty", said Shiraz Ahmed,
senior portfolio manager and founder of Sartorial Wealth,
Raymond James.
"With the lingering uncertainty, regardless of what
candidate wins, we will have that party's policies, which will
give some economic certainty from a domestic policy standpoint."
Financials, the most heavily weighted sector on the TSX,
technology and energy all gained 0.4%.
Energy was up even as the price of oil settled 1.5%
lower at $62.05 a barrel on lingering demand concerns.
The price of gold increased 1%, supportive of metal
mining shares. The materials group ended 0.3% higher.
Industrials declined 0.5% as railroad shares lost ground and
healthcare ended 1.4% lower.