Canada’s primary stock index rose to a record high on Thursday as strengthening precious metal prices boosted mining stocks.
The Toronto Stock Exchange’s S&P/TSX composite index jumped 263.97 points — or 1.1% — to 23,475.14, surpassing a previous record set on 26 August.
“The TSX is firing on all cylinders today,” Elvis Picardo, a portfolio manager at Luft Financial, says.
“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 increased 1.85% to US$2,558.88 ($3,805) an ounce, marking a 24% rise since the start of the year, while silver was up 4.42% to US$29.94 an ounce. The materials sector generally, which includes mining stocks and fertiliser companies, rose 4.1%.
Earlier in the day, gold futures had climbed to an all-time high of US$2,580.60, boosted by expectations…
