(Updates prices, adds comment)
Oct 19 (Reuters) – Canada’s main stock index scaled a record high on Tuesday, helped by miners gaining on the back of soaring commodity prices and prospects of encouraging corporate earnings.
At 9:44 a.m. ET (13:44 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 60.99 points, or 0.29%, at 21,046.36, eclipsing a peak hit in the previous session.
Leading gains on the index was the materials sector , which includes precious and base metals miners and fertilizer companies, added 0.7% as gold futures rose 0.8% to $1,779.3 an ounce.
Benchmark iron ore prices in Dalian rose as much as 1.6% on falling shipments from major suppliers, while copper prices climbed on falling inventory levels.
Financials, which account for nearly a third of the Toronto market’s value, were up 0.3%, extending gains for the fourth straight session.
“Commodity prices are continuing to be a big story,” said Colin Cieszynski, chief market strategist, SIA Wealth Management.
Investors are focused on the earnings of major railroad operators, including Canadian National Railway and Canadian Pacific Railway Ltd.
Those reports would offer more clues on the supply chain situation in Canada, the impact of rising fuel, raw material and wage inflation, Cieszynski said.
The heavyweight energy group was down 0.2%, extending losses for the second straight session as oil prices inched lower.
* On the TSX, 160 issues were higher, while 68 issues declined for a 2.35-to-1 ratio favouring gainers, with 17.33 million shares traded.
* Miners Endeavour Silver Corp and SilverCrest Metals Inc were the largest percentage gainers on the TSX.
* The TSX posted 14 new 52-week highs and one new low.
* Across all Canadian issues there were 62 new 52-week highs and 14 new lows, with a total volume of 34.32 million shares. (Reporting by Amal S in Bengaluru; Editing by Ramakrishnan M.)