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CANADA STOCKS-TSX adds to winning streak as energy shares climb

ReutersMay 13, 2025 8:37 PM
  • TSX ends up 0.3% at 25,616.86
  • Posts highest close since February 19
  • Energy adds 1.8% as oil settles 2.8% higher
  • Former banker chosen as natural resources minister

By Fergal Smith

- Canada's main stock index rose on Tuesday for a sixth straight day, helped by gains for energy and financial shares, as cooler-than-expected U.S. inflation data fueled positive investor sentiment following an easing of trade tensions.

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE ended up 84.68 points, or 0.3%, at 25,616.86, its highest closing level since February 19. The daily winning streak was the longest since January.

U.S. consumer prices rebounded moderately in April, leading to the smallest annual increase in four years, while the United States and China have reached a deal to unwind most of the duties imposed on each other's goods since early April.

"A softening in the global trade war and anything that hints at non-inflationary pressure is good for Canadian financials, good for energy companies," said Matt Skipp, President of SW8 Asset Management.

"We have an economy that's uber-sensitive to the global economy because of energy prices and metal prices and financials make up such a big weighting in the index."

Financials account for roughly one-third of the index's weighting. Energy and materials account for an additional 30%.

Former Goldman Sachs banker Tim Hodgson takes over as natural resources minister in a new cabinet unveiled by Canadian Prime Minister Mark Carney.

The energy sector rose 1.8% as the price of oil CLc1 settled 2.8% higher at $63.67 a barrel, while financials were up 0.4% and technology added 0.7%.

Defensive sectors, such as consumer staples and utilities, ended lower.

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