TSX inches higher as Carney-Trump communications feed investor optimism
TSX ends up 0.1% at 26,342.29
Trade deficit hits an all-time high in April
Energy rises 0.5% as oil settles 0.8% higher
Descartes Systems Group tumbles 12.1%
June 5 - Canada's main stock index edged higher on Thursday as higher oil prices boosted energy shares and investors assessed prospects of Canada reaching a trade deal with the United States.
The Toronto Stock Exchange's S&P/TSX composite index ended up 13.29 points, or 0.1%, at 26,342.29, staying within reach of the record closing high it posted on Tuesday.
Canadian Prime Minister Mark Carney and U.S. President Donald Trump are in direct communication as part of Ottawa's bid to persuade Washington to lift tariffs, Industry Minister Melanie Joly said.
"We're still cautiously optimistic that the TSX finishes at 27,000 for the year," said Jay Bala, co-founder and senior portfolio manager at AIP Asset Management.
"I do think that Mark Carney is going to have a better relationship with the Donald Trumps of the world and I think he'll get a deal done ... it makes sense for both countries to get a deal done."
Canada is a major destination for U.S. goods, while it sends 75% of its exports south of the border. U.S. tariffs hurt demand for Canadian goods in April, which contributed to the Canadian trade deficit widening to an all-time high of C$7.1 billion .
The energy sector rose 0.5% as the price of oil settled 0.8% higher at $63.37 a barrel on optimism about U.S.-China trade talks.
The materials group, which includes metal mining shares, was up 0.4% as copper prices climbed.
Technology was a drag, falling 1.1%, with shares of Descartes Systems Group Inc down 12.1% after the application software company's first-quarter results missed estimates.
This article was generated from an automated news agency feed without modifications to text.
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