CANADA STOCKS-TSX posts longest winning streak since October 2021 as mining shares rise

By Sanchayaita Roy and Fergal Smith

May 20 (Reuters) - Canada's main stock index rose to a record high on Tuesday, led by gains for metal mining shares, as investors shrugged off hotter-than-expected Canadian core inflation data and looked for further progress in the easing of global trade tensions.

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE ended up 83.7 points, or 0.3%, at 26,055.63, eclipsing its record closing high on Friday. The market was closed on Monday for the Victoria Day holiday.

It was the 10th straight day of gains for the index, the longest daily winning streak since October 2021.

Finance leaders from the Group of Seven industrialized democracies will strive for unity on non-tariff issues when they meet in Canada this week, but may have trouble reaching consensus with a Trump administration intent on pushing allies to serve U.S. interests.

"All eyes are on the G7 this week," said Michael Constantino, CEO of online investment platform Webull Canada.

"Obviously we saw the U.S.-China deal easing some global tensions. I think that the framework might be in place this week when the G7 meets for some favorable results to ease all the trade fears."

Canada's annual inflation rate eased to 1.7% in April as energy prices dropped sharply after the removal of a federal consumer carbon tax but two key measures of underlying inflation rose above 3%, reducing expectations for a Bank of Canada interest rate cut next month.

The materials group, which includes fertilizer companies and metal mining shares, climbed 3.5% as the price of gold XAU= rallied.

The consumer staples sector was another standout, adding 1.5%, while technology was a drag, ending 1.4% lower.