CANADA STOCKS-TSX hits fresh record high as miners shine

By Avinash P

Dec 22 (Reuters) - Canada's main stock climbed to a new record high on Monday, lifted by mining stocks, kicking off the Christmas week on a positive note.

The S&P/TSX Composite index .GSPTSE was up 0.6% at 31,935.93 by 10:17 a.m. ET, surpassing the intraday record set in the previous session.

The recent risk appetite was underpinned by hopes of easing borrowing costs and economic stimulus heading into 2026, along with renewed optimism surrounding AI stocks on Wall Street, which had recently faced pressure due to concerns about high valuations.

"AI will remain a powerful driver for markets in the narrative, but we think there are good reasons why markets could become broader and that rotation could gain momentum in 2026," said Angelo Kourkafas, senior global investment strategist at Edward Jones.

On TSX, gold sub-index .SPTTGD led gains with a 2.3% advance as gold XAU= prices smashed past the $4,400-per-ounce level for the first time. GOL/

Mining index .GSPTTMT also outperformed peers with a 2% rise as copper prices rose to an all-time high. MET/L

Energy index .SPTTEN gained 1%, tracking higher oil prices. O/R

Silver XAG= prices eased just below the record of $69.44 per ounce set earlier in the session. Miners Discovery Silver DSV.TO and Endeavour Silver EDR.TO were up 10% and 6%, respectively, and were the top gainers on the benchmark index.

Resource-heavy TSX is set for its best yearly showing since 2009, gaining 29%, boosted by higher prices of precious and base metals, and is on track to outperform major Wall Street indexes.

"A lot of what has worked for the TSX is continuing to work this week, which should be fairly uneventful, I would imagine, barring any surprises," Kourkafas said.

The week shortened by the Christmas holiday has historically been beneficial for stock markets.

Attention will now turn to U.S. GDP data, expected later this week, one of the final major economic indicators of the year.