CANADA STOCKS-TSX notches record high, helped by bull market for resource shares

By Fergal Smith

Feb 24 (Reuters) - Canada's main stock index rose to a record high on Tuesday, led by gains for metal mining stocks and the shares of Thomson Reuters.

The S&P/TSX Composite Index .GSPTSE ended up 193.88 points, or 0.6%, at 33,970.38, eclipsing the record closing high it posted on Friday.

"I do believe the Canadian markets are going to outperform because of the higher resource component," said Steve Palmer, president and chief investment officer at AlphaNorth Asset Management. "We're in a resource bull market and that's the main theme."

Resource shares account for roughly 38% of the TSX's market capitalization. The index is expected to post additional record highs this year, supported by elevated commodity prices and the increased attractiveness of companies in established industries that could benefit from an upswing in the global economy, a Reuters poll found.

The materials sector .GSPTTMT, which includes metal mining shares, added 1.8% as copper prices hit a 12-day high after traders in China returned from holidays. Gold XAU= fell 1.4% but has rallied more than 17% from its low point this month.

"To me, gold looks like it's bottomed after that correction we had - both gold and silver. That's positive," Palmer said.

U.S. stocks also advanced, with technology shares recovering as investors assessed Anthropic's announcement of new artificial intelligence tools. The AI lab said companies including Thomson Reuters TRI.TO were using AI agents powered by Anthropic.

Shares of Thomson Reuters ended 11.4% higher, clawing back some recent losses, which helped lift the industrials sector .GSPTTIN by 1.5%.

Bank of Nova Scotia BNS.TO was the first of the major banks to report quarterly earnings. The lender beat analysts' estimates and said it would likely hit a key earnings target a year ahead of schedule, but its shares ended 0.7% lower.