Canada’s main stock index rebounded from a near four-month low on Thursday as railroad stocks rallied and higher commodity prices lifted metal mining shares. The S&P 500, however, closed lower.
The Toronto Stock Exchange’s S&P/TSX composite index ended up 65.45 points, or 0.3%, at 21,581.35, after it posted on Wednesday its lowest closing level since Feb. 29.
“The materials sector is really driving the market higher,” said Kevin Headland, co-chief investment strategist at Manulife Investment Management. “We got a bit of a bounce back in the two rail companies as well. There is a bit of volatility recently in those two names due to the overhang of potential strike action.”
The materials group rose 1.9%, clawing back some recent declines, as gold and copper prices rallied.
Industrials ended 0.8% higher, with Canadian Pacific Kansas City Ltd gaining 2.3% and Canadian National Railway Co up 0.9%.
The Canadian trucking industry is…
