00:22:07 EDT Fri 04 Jul 2025
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Globe/wire say TSX hits new high thanks to energy, gold

2025-06-04 08:21 ET - In the News

The Globe and Mail reports in its Wednesday edition that Canada's main stock index edged up to a new record high Tuesday, led by gains for the energy sector, as oil prices climbed and uranium producers notched gains. A Reuters dispatch to The Globe says the S&P/TSX Composite Index ended up 37.68 points at 26,426.64, eclipsing Monday's record closing high. U.S. stock indexes also closed higher as investors awaited possible negotiations between the United States and its trading partners for more clarity on Washington's ever-changing tariff plans. "The TSX is a very attractive market right now for investors," said Philip Petursson at IG Wealth Management. "If you want to hedge some of the risks that you see in the United States on the political side, the TSX is well positioned for that." The Toronto market has benefited in recent months from safe-haven demand for gold. The materials group, which includes gold mining shares, accounts for 13 per cent of the Toronto Stock Exchange's weighting, while energy accounts for an even larger share, at 17 per cent. Energy added 1.5 per cent as the price of oil settled 1.4 per cent higher at $63.41 (U.S.). The U.S. market is now focused on the May employment report due Friday.

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