TSX on track for sixth straight day of gains as miners rally

TORONTO: Canada’s commodity-heavy stock index notched a fresh intraday high on Friday, lifted by miners as gold advanced on a weaker dollar, while investors also assessed corporate earnings and stalled talks to end the Middle East conflict. The S&P/TSX Composite Index rose 0.1 percent to 36,813.74 points by 10:12 a.m., after hitting an intraday record of 36,844.73 points earlier in the day. The benchmark was on track for its sixth straight day of gains — its longest daily winning streak since April.

The materials index, which includes metal miners, was up 1.9 percent, tracking gains in precious metals. Miners Seabridge Gold, Endeavour Silver and First Majestic Silver advanced more than 4 percent each.

Heavyweight energy shares added 1.1 percent as crude oil rose after the US threatened an indefinite naval blockade of Iran, raising concerns about disruptions to global oil supplies.

Bird Construction’s shares jumped 6.3 percent after the company beat second-quarter profit estimates, prompting at least three brokerages to raise their price targets on the stock.

“Investors have been focusing on earnings growth, and we’ve had pretty robust earnings growth,” said Michael Dehal, a senior portfolio manager at Dehal Investment Partners at Raymond James.

Technology shares, which have gained more than 11 percent quarter-to-date, shed 1.9 percent.