CANADA STOCKS-TSX posts record high as defensive stocks pick up the baton

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* TSX is up 37.98 points or 0.2% at 21,594.52 . ends at

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* Consumer staples sector up 1.3%

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* Pretium Resources Inc jumped 19.1%

TORONTO, Nov 9 (Businesshala) – Canada’s main stock index rose to record highs on Tuesday as investors welcomed a seasonally strong period for the market and veered into some defensive areas that have lagged behind the recent rally.

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The Toronto Stock Exchange’s S&P/TSX composite index closed at a record high of 21,594.52, up 37.98 points, or 0.2%.

“Given the seasonally strong period that we are in now – November, December – I don’t think there is anything on the horizon that is going to derail the rally between now and the end of the year,” said Philippe Petersen, Chief Investment Strategist at IG Wealth Management.

The Toronto market has mostly closed higher since early October, helped by gains for some heavily weighted sectors such as energy and financials.

“We are seeing some rotation in some of the defensive laggards,” said Petersen.

Defensive sectors, such as consumer staples and utilities, are less sensitive to the economic environment than some other groups.

The consumer staples sector climbed 1.3%, marking gains from the beginning of the month, while utilities ended 0.2% higher.

Gains for the TSX came despite a lower close on Wall Street as concerns over profit-taking and ongoing inflation fueled a broader sell-off.

The biggest percentage gainer on TSX was Premium Resources Inc., up 19.1%, after Australia’s Newcrest Mining Ltd said it would buy the rest of the Canadian miner in a deal that values ​​the company at $2.8 billion.

The White House said it was not considering shutting down Enbridge Inc.’s Line 5 pipeline, as Canada invoked a 1977 treaty with the United States last month to begin bilateral talks on it. Shares of Enbridge closed down 0.1%. (Reporting by Fergal Smith; Additional reporting by Amal S in Bengaluru; Editing by Dan Grebler)

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