© Reuters. FILE PHOTO: The Art Deco facade of the original Toronto Stock Exchange building is seen on Bay Street in Toronto, Ontario, Canada January 23, 2019. REUTERS/Chris Helgren/File Photo
By Fergal Smith
TORONTO (Reuters) – Canada’s main stock index rose on Tuesday to its highest closing level in nearly two months, led by gains for the materials sector as gold and prices climbed.
The Toronto Stock Exchange’s S&P/TSX composite index ended up 114.40 points, or 0.6%, at 19,660.31, its highest closing level since Sept. 14.
Wall Street also ended higher during voting in midterm elections that will determine control of the U.S. Congress, with investors betting on a political stalemate that could prevent major policy changes.
The materials group, which includes precious and base metals miners and fertilizer companies, added 4.7%.
Copper rose 1.7%, while gold was up 2.2% at about $1,712 per ounce as the U.S. dollar and bond yields fell.
Yamana Gold (NYSE:) Inc backed a $4.8 billion takeover bid from Agnico Eagle (NYSE:) and Pan American Silver (NASDAQ:) Corp, while South Africa’s Gold Fields (NYSE:) ended its bid to acquire the company. Shares of Yamana ended 2.6% higher.
TransAlta (NYSE:) Corp shares jumped 7.1% after the company reported better-than-expected third-quarter results and increased its full-year forecast, helping to push the utilities index up 1.2%.
Among other strong gainers was Maple Leaf Foods Inc. Its shares rose 12.4% after the company reported quarterly results.
Capping the Toronto market’s gains was a decline in the energy sector. It fell nearly 1% as oil prices settled 3.1% lower at $88.91 a barrel.
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