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Canada's TSX hits fresh record as investors rotate into financials
The S&P/TSX Composite closed up 0.5% at 35,749.7, while semiconductors slipped and traders awaited the Fed decision.
Canada's main stock index, the S&P/TSX Composite, climbed to a new record high on Tuesday as money rotated out of semiconductors and into sectors seen as more favorable for the domestic market, Reuters reported.
The index closed up 181.6 points, or 0.5%, at 35,749.7, surpassing Monday's record close. The broader rally followed the same pattern of shifting away from chip exposure, with Reuters citing the rotation as investors moved into financial and software stocks.
Canada's tech sector surged 5.1%, led by gains at Celestica after the company beat earnings estimates, and Constellation Software also rose. Materials dragged, falling 1.6% as gold prices dropped, while oil slipped.
Investors also looked ahead to a Federal Reserve decision on Wednesday, with Reuters noting that expectations for an interest rate hike were likely higher than what rate futures had priced. Separately, Reuters said oil settled 4.1% lower at $79.26 a barrel on cautious hopes that a pause in fighting between the United States and Iran could lead to talks to end the war.
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