TSX rises for fifth straight day, posts new record high

Mon Feb 13, 2017 5:01pm EST
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By Fergal Smith

TORONTO (Reuters) - Canada's main stock index rose for the fifth straight day on Monday, posting a fresh all-time peak as financials and industrials climbed, while lower oil and gold prices weighed on resource shares.

U.S. equity indexes also reached record highs as investors bet tax cuts promised by President Donald Trump would boost the economy.

Trump said on Monday the United States will be "tweaking" its trade relationship with Canada, stopping short of calling for a major realignment in a development likely to please visiting Canadian Prime Minister Justin Trudeau.

"I think it (the visit) went very well for Canada," said John Kinsey, portfolio manager at Caldwell Securities.

"We need the U.S. and to a lesser extent they do need us."

Canada sends 75 percent of its exports to the United States and investors worry that a proposed renegotiation of the North American Free Trade Agreement would hurt Canada's economy.

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE ended up 27.46 points, or 0.17 percent, at 15,756.58, a new record close.

The index has rallied more than 36 percent from a three-year trough in January last year.   Continued...

A sign board displaying Toronto Stock Exchange (TSX) stock information is seen in Toronto June 23, 2014.  Canada's main stock index was little changed on Monday as weakness in financial and energy shares offset gains in the materials sector.   REUTERS/Mark Blinch