04:14 PM EDT, 07/23/2025 (MT Newswires) -- The Toronto Stock Exchange closed at a fresh record high on Wednesday amid hopes that an all out global trade war can be avoided given the United States has finally started to seal agreements with other nations, and one with Canada may be possible too, even if the government here continues to insist it will not accept a bad deal.

Despite lower commodity prices, the resources heavy TSX was up 52 points at 27,416.41, about 30 points above the prior all time closing level of July 17. Among sectors, most were higher with the Battery Metals Index up more than 2% and Energy up 1.1%. Industrials was down 0.6%.

In individual stocks, National Bank kept an Outperform rating and raised its target on Rogers Communications (RCI-A.TO, RCI-B.TO) to C$59 from $53, noting the telco giant today reported Q2 revenues and EBITDA "a touch" above Street expectations with a "strong" free cash flow beat, while guidance was updated as anticipated. Rogers A Class shares were up 1.4% and its B Class shares were 1.1% higher.

On trade matters, The Canadian Press noted Canada's premiers today wrapped up three days of meetings focused largely on U.S. President Donald Trump's global trade war.

The Canadian Press noted Alberta Premier Danielle Smith said the Americans are signalling they will not start renegotiating the Canada-U.S.-Mexico Agreement on trade until 2026, something she called disappointing. But Smith added she will see it as a win if Canada can secure some deals by Aug. 1 on specific sectors like vehicles, steel and aluminum, and lumber.

Of commodities today, gold futures fell off a five-week high midafternoon on Wednesday despite a weakening dollar as traders took profit after the metal touched a five-week high and the U.S reached its first tariff deal with a major trading partner, Japan. Gold for August delivery was last seen down $45.50 to US$3,398.20 per ounce, after rising to the highest since the metal's June 13 record high of $3,452.80 on Tuesday.

Also, West Texas Intermediate crude oil fell for a fourth session even as a report showed a larger than expected drop in U.S. oil inventories while the U.S. reached its deal with Japan that imposes a 15% tariff on imports from Tokyo. WTI crude oil for September delivery closed down $0.06 to settle at US$65.25 per barrel, while September Brent crude was last seen down $0.08 to US$68.51.