By Fergal Smith
(Reuters) -Canada’s main stock index rose to a record high on Thursday as stronger commodity prices and a weaker Canadian dollar lifted the energy and materials sectors, offsetting a sharp decline in the shares of TD Bank.
The Toronto Stock Exchange’s S&P/TSX composite index ended up 77.36 points, or 0.3%, at 24,302.26, moving past the previous day’s record closing high.
“There’s two key things that jump out. One is the gold producers are rallying and two is the energy producers are rallying,” said Philip Petursson, chief investment strategist at IG Wealth Management.
“Gold is moving up because it’s just had positive momentum over the last number of months. … Energy has been moving on geopolitical risk.”
The price of oil settled 3.6% higher at $75.85 a barrel due in part to Middle East supply risks after the recent sharp escalation of Israel’s conflict with Iran.
The energy sector climbed 2.2%, while the materials group,…
