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TSX ends up 1.3% at 25,808.25
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Eclipses Dec. 6 record closing high
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Tech and metal mining shares lead gains
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Gold prices rise amid economic uncertainty
(Updates at market close)
By Fergal Smith
Jan 30 (Reuters) -
Canada's main stock index rose to a record high on Thursday,
led by gains for technology and metal mining shares, as
investors assessed U.S. corporate earnings and after safe-haven
demand fostered by the threat of U.S. trade tariffs lifted the
price of gold.
The S&P/TSX composite index ended up 334.095
points, or 1.3%, at 25,808.25, eclipsing the record closing
level it posted on Dec. 6.
The materials group, which includes fertilizer companies and
metal mining shares, jumped 3.4% as the price of gold
rose to a record high.
"Gold is certainly looking somewhat attractive if you're
going into a period of economic uncertainty," said Michael
Sprung, president at Sprung Investment Management.
Trump said he would likely decide by the end of the day
whether to put a 25% tariff on imports of Mexican and Canadian
oil that would take effect on Feb. 1.
Still, the energy sector rose 0.5% as the price of oil
clawed back a small part of its recent declines. U.S. crude oil
futures settled 0.15% higher at $72.73 a barrel.
U.S. stocks also ended higher as investors digested a stack
of key earnings reports, including some from high-flying
technology companies.
The TSX's technology sector added 3.5%, with shares of
Celestica ( CLS ) jumping 14.3% after the electronics firm
surpassed analysts' fourth-quarter profit expectations.
"A lot of these stocks that are selling at very lofty
valuations could be very vulnerable," Sprung said. "We are
trying to position ourselves more to where we think there's some
relative safety, such as in financials and utilities."
Heavily weighted financials rose 0.7% and utilities added
1.7% as bond yields fell.
On Wednesday, the Bank of Canada cut its benchmark interest
rate by 25 basis points to 3% to support the economy.