* TSX ends up 0.8% at 34,937.85
* Materials group rises 3.1% as copper prices climb
* Energy loses 0.5% as oil settles 3.2% lower
By Tharuniyaa Lakshmi and Fergal Smith
TORONTO, – Canada’s main stock index moved closer to a record high on Friday, led by gains for metal mining shares, as hopes for an imminent peace deal in the Middle East boosted investor sentiment globally.
The Toronto Stock Exchange’s S&P/TSX composite index ended up 266.39 points, or 0.8%, at 34,937.85 points, marking the highest closing level since the index posted a record high on June 4. For the week, the index was up 1.5%.
* The U.S. benchmark S&P 500 also rose as the United States and Iran signaled that an agreement to end their war was close and as SpaceX shares surged in their debut.
* “I’d say right now there is optimism this will be a lasting peace,” said Shiraz Ahmed, founder at Sartorial Wealth.
* The materials group, which includes metal mining shares, was up 3.1%.
* A peace deal could help ease concerns over rising inflation and slower economic growth, boosting copper prices by 2.7%.
* On Wednesday, the Bank of Canada said it will not let higher energy prices become persistent inflation as it left its benchmark interest rate on hold at 2.25%.
* Heavily weighted financials added 0.9% and consumer discretionary ended 0.7% higher.
* Shares of Apotex Health were up 5.4%, adding to gains since the generic drugmaker made its market debut on Wednesday in the TSX’s largest IPO in five years.
* Four of the 10 major sectors ended lower, including technology, which lost 1% and energy
* Energy was down 0.5% as the price of oil settled 3.2% lower at $84.88 a barrel.
This article was generated from an automated news agency feed without modifications to text.
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