04:17 PM EDT, 05/14/2026 (MT Newswires) -- The Toronto Stock Exchange closed higher on Thursday, with most sectors up as the Canadian federal government moves to stimulate a range of industries in the economy.

The S&P/TSX Composite Index closed up 226.84, or 0.7%, to 34,268.27, with each of Info Tech, the Battery Metals Index, Financial and Telecom sub indices all gaining more than 1%.

Energy was also up by more than 1% as West Texas Intermediate crude oil edged higher despite reports Iran is allowing Chinese ships to transit the Strait of Hormuz. WTI crude oil for June delivery closed up $0.15 to settle at US$101.17 per barrel, while July Brent oil was up US$0.10 to US$105.73.

But Base Metals was down 2.1% as gold had moved lower by midafternoon Thursday while the dollar rose after a report showed U.S. retail-sales growth slowed in April. Gold for June delivery was down $22.20 to US$4,684.50.

After securing a majority in Parliament, the governing Liberal Party is now moving quickly to implement its plans for stimulating the economy in the face of pressures stemming from the Iran war and tariffs introduced by the Trump administration.

Prime Minister Mark Carney unveiled Canada's long-awaited new electricity strategy Thursday, placing a heavy emphasis on expanding the role of natural gas in powering the grid as he seemed to distance the government from its 2030 Paris climate commitments, The Canadian Press reported. The new strategy looks to double Canada's electricity grid by 2050 and would adjust the clean electricity regulations to provide more flexibility to allow natural gas to play a larger role in building the grid, it noted.

In another report from The Canadian Press, PM Carney is cited saying on Thursday his government is open to selling public assets if the proceeds could help fund new infrastructure. The November federal budget and April spring economic statement both mentioned exploring new ownership options for the country's federally owned airports, it noted.

Meanwhile, Canada and Alberta will meet on Friday and advance a potential pipeline to transport at least one million barrels of Alberta oil a day to new markets, PM Carney said on Thursday, Reuters reported. Carney, speaking to reporters, also confirmed an earlier Reuters report which said he would also unveil details of a new deal with Alberta on industrial carbon pricing.