TORONTO: Canada’s commodity-heavy main stock index rose to a record high on Monday as rising crude prices lifted energy shares, even as the war in Ukraine has soured sentiment in global markets.
At 9:38 a.m. ET (13:38 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 165.58 points, or 0.76%, at 21,984.05, and appeared set to gain for a fifth straight session.
The heavyweight energy sector climbed 3.0% as oil prices jumped more than $4 with European Union nations considering joining the United States in a Russian oil embargo and after a weekend attack on Saudi oil facilities.
“So far so good for the Canadian market. Rising energy prices is definitely helping stocks north of the border and the market seems to be ignoring the CP Rail strike as well,” said Colin Cieszynski, chief market strategist at SIA Wealth Management.
Canadian Pacific Railway (CP) on Sunday halted operations and locked out workers over a labor dispute, with each side blaming the other for the suspension that will likely disrupt shipment of key commodities at a time of soaring prices. Shares in the country’s No. 2 railroad fell 0.8%.