Canada's 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 U.S. 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.
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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. 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.
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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 U.S., 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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