TORONTO: Canada’s main stock index rose to a record high on Friday as investors looked past recent geopolitical uncertainty, and soaring commodity prices boosted resource shares.
The S&P/TSX Composite Index ended up 142.28 points, or 0.4 percent, at 33,144.98, eclipsing Monday’s record closing high. For the week, the index was up 0.3 percent, despite a sharp drop on Tuesday that was tied to the threat of new US tariffs on goods from Europe.
“Few have been better able to ignore the noise than Canada’s equity market,” Doug Porter, chief economist at BMO Capital Markets, said in a note. “The latest surge in metals prices provided support for materials, assisted by the spike in gas and a firming in crude oil.”
The materials group, which includes metal mining shares, added 1.7 percent. Silver prices rose above USD100 an ounce for the first time, while gold hit another record en route to USD5,000/oz as investors piled into safe-haven assets.
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