CANADA STOCKS-TSX hits fresh peak; investors assess US data, Trump tariff ruling
By Utkarsh Hathi
Feb 20 (Reuters) - Canada's main stock index reached a record high on Friday, led by tech and financial shares, while investors assessed key U.S. economic data and the U.S. Supreme Court's ruling against President Donald Trump's tariffs.
The S&P/TSX Composite Index .GSPTSE was up 0.2% at 33,647.43 points, as of 10:25 a.m. ET., and looked set for a third consecutive week of gains.
Tech shares .SPTTTK, recently under pressure, led the sectoral gains with a 2.8% jump, and looked set for their first weekly gain in six.
Heavyweight financials .SPTTFS also rose 0.33%.
The real estate sector .GSPTTRE rose 0.3%, with commercial real estate software firm Altus Group AIF.TO rising 4% after beating quarterly profit estimates.
On the macroeconomic front, U.S. economic growth slowed more than expected in the fourth quarter, while underlying inflation increased more than expected in December.
On Friday, the U.S. Supreme Court struck down Trump's sweeping tariffs that he pursued under a law meant for use in national emergencies.
"It further complicates the Fed's decision making. The Fed will probably be on hold for a little while until inflation comes lower. On the other hand, the removal of tariffs could add deflationary pressure," said Michael Dehal, senior portfolio manager at Dehal Investment Partners at Raymond James.
The gold sector .SPTTGD dropped 1.3% and the broader mining sector .GSPTTMT slid 0.7%, even as gold XAU= and silver XAG= prices extended gains, with investors focusing on the key U.S. data and the ruling against Trump tariffs.
Oil prices declined, as traders remained unfazed on supply outlook despite Trump's comments increasing worries about a potential U.S.-Iran conflict.
Energy shares .SPTTEN slid 1.2%.
Among individual movers, shares of energy distribution firm Superior Plus SPB.TO plunged 17% after missing quarterly revenue estimates.
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