TSX hits three-week high amid rally fueled by Trump's reelection
Updated at 10:12 a.m. ET/ 10:12 GMT
By Nikhil Sharma
Nov 11 (Reuters) -Canada's main stock index hit a three-week high on Monday, ledby technology and financial shares, as markets continued to rally on Donald Trump's reelection in the United States.
The S&P/TSX composite index .GSPTSE was up 107.4 points, or 0.43%, at 24,866.8, hoveringnear a record high last hit on Oct. 21.
The technology sector.SPTTTK led the overallgains with a 1.7% jump, buoyed by blockchain-farm operator Bitfarms's shares BITF.TO that climbed 10.5% after Bitcoin BTC= soared to a record high above $82,000.
Heavyweightfinancials .SPTTFS and rate-sensitiveutilities .GSPTTUT shares werealso among the topgainers, rising 1.1% each.
"This is just a continuation of the Trump rally," said Ian Chong, portfolio manager at First Avenue Investment Counsel.
There is "still a lot of optimism regarding economic growth with Trump's pro-growth policies."
Trump's victorykicked off a global stock market rally last week over market anticipation of equity-boosting tax cuts and looser regulations by the new administration.
However, Canada could be impacted by Trump'sproposed 10% tariff on imports as itsends about 75% of its exports to the United States, including oil.
The materialssector .GSPTTMT fell 3.2% after gold prices declined, dragged by afirmer dollar and increased risk appetite as markets expect the Federal Reserveto adopt a cautious policy easing approach under Trump's administration. GOL/
Copper prices slipped after new bank lending in China fell more than expected in October. MET/L
Investors this week will focuson the U.S. consumer price index thatcould provide more clues about the Fed's monetary policy move at its December meeting.
In Canada, quarterly earnings from Shopify SHOP.TO will grab market attention on Tuesday. The e-commerce services giant was the second-biggest gainer on the index, having risen3.5%.
Meanwhile, the Montreal Longshoremen's Union rejected the final offer made for a new labour contract, leading to a lockout declaration.
Reporting by Nikhil Sharma in Bengaluru; Editing by Shreya Biswas
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