TSX hits record high as investors assess economic data
Canada's main stock index inched up to an all-time high on Friday, but losses in heavyweight mining shares kept gains in check, while investors assessed domestic and US economic data.
The S&P/TSX composite index was up 0.1% at 26,790.18 points, surpassing Tuesday's record intraday high of 26,780.19. Healthcare stocks led the sectoral gains with a 1.7% rise.
Bausch Health Companies, the parent company of contact lens maker Bausch + Lomb, rose 3.1%.
On the flip side, mining shares dropped 2.8%, tracking gold that fell to a near one-month low.
TSX rises as US delays decision on direct Mideast involvement
Gold miners were among the top losers with Lundin Gold falling 7% to the bottom of the main index. Kinross Gold lost 5.7%. Economic data on Friday showed Canada's economy contracted in April on a monthly basis as sectors exposed to tariffs negated a boost from services.
The GDP figures are 'being driven by weaker exports to the US … I don't think that's being reflected in the market though,' said Philip Petursson, chief investment strategist at IG Wealth Management.
'It raises the potential for further interest rate cuts.'
In the US, consumer spending unexpectedly fell in May, while monthly inflation increases remained moderate.
Among individual stocks, TC Energy rose 3.3% after the pipeline operator started collecting tolls for the Southeast Gateway natural gas pipeline in Mexico.
Miner Wesdome Gold finished its acquisition of Angus Gold. Shares of Wesdome Gold were down 2.9%.
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