By Fergal Smith
(Reuters) -Canada’s main stock index rose to a record high on Thursday as higher gold prices boosted metal mining shares and investors grew confident of a “soft landing” for the economy.
The Toronto Stock Exchange’s S&P/TSX composite index ended up 263.97 points, or 1.1%, at 23,475.14, moving past the record closing high it posted on Aug. 26.
“The TSX is firing on all cylinders today,” said Elvis Picardo, a portfolio manager at Luft Financial, iA Private Wealth.
“The materials group is leading the charge … led by the precious metals miners. I think investors are finally waking up to this stealth rally in gold and silver.”
The price of gold rose 1.8%, increasing its gain since the beginning of the year to 24%, while the materials sector, which includes metal mining shares and fertilizer companies, jumped 4.1%.
“We have seen concerted buying both sides of the border this week. That would indicate that investors are quite…
