TSX hits record closing high as rising Middle East tensions boost oil prices
TSX ends up 0.1% at 24,033.99
Eclipses Thursday's record closing high
Energy climbs 3.4%; oil settles up 2.4%
Materials group adds 1% as gold rises
Updates at market close
By Fergal Smith
Oct 1 (Reuters) -Canada's commodity-linked main stock index inched up to a record closing high on Tuesday, adding to blockbuster third-quarter gains, as resource shares benefited from higher oil and gold prices after an escalation in the Middle East conflict.
The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE ended up 33.62 points, or 0.1%, at 24,033.99, slightly eclipsing the record closing high it posted on Thursday.
"With some of the concerns in the Middle East and the strength in oil and the commodities, the TSX did well versus some of the other peers," said Greg Taylor, a portfolio manager at Purpose Investments.
U.S. stocks fell as investors grew more cautious after Iran fired missiles at Israel.
The TSX's energy sector climbed 3.4% as oil CLc1 settled 2.4% higher at $69.83 a barrel. Gold XAU=, a traditional safe haven, also rose, helping to lift metal mining shares.
The materials sector, which includes metal miners and fertilizer companies, added 1%. All the other major sectors lost ground, with technology falling 1.6% and industrials ending 0.8% lower.
The Toronto market climbed 9.7% in the third quarter, its biggest quarterly gain in four years, as gold soared to record highs and major central banks, such as the Federal Reserve and the Bank of Canada, cut interest rates.
Lower borrowing costs boosted domesticmanufacturing activity in September. The S&P Global Canada Manufacturing Purchasing Managers' Index increased to 50.4 from 49.5 in August, its first move above the 50.0 no-change mark since April 2023.
Reporting by Fergal Smith in Toronto and Lisa Mattackal in Bengaluru; Editing by Leroy Leo and Lisa Shumaker
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
