TSX rises on Trump victory led by financials and tech stocks
Adds closing share price, rewrites lead paragraph, adds new quote
By Nikhil Sharma and Divya Rajagopal
Nov 6 (Reuters) -Canada's main stock index made a sharp comeback on Wednesday, recovering from morning losses as investors bought into Donald Trump's victory in the U.S. presidential election.
The benchmark Toronto Stock Exchange's S&P/TSX composite index .GSPTSE closed up 257.43 points, or 1.06%, at 24,645.33, helped by financials, tech and industrial stocks.
Trump, a Republican, was elected after defeating Democratic Vice President Kamala Harris. The win propelled a global stock market rally, while investors also evaluated the impact of Trump's second term on the world economy.
Trump's proposed measures, most notably tariff hikes, could be of great consequence to Toronto's commodities-heavy market. Trump has promised to shift U.S. policy toward oil and away from green energy, which could disrupt demand for metals such as copper.
The United States is the largest buyer of Canada's energy products.
Among commodities, metals fell the most, with gold hitting a three-week low and copper CMCU3 posting its biggest intraday loss in five months.
Canada's materials sector .GSPTTMT led sectoral losses and closed down 1.77%, weighed down by copper and gold prices.
However, gold miners said they were confident that the fall in the commodity prices was temporary.
"If we see the global markets, everyone seems to be pulling away from one another and I think the protectionism probably leads to many countries backing their own currencies with gold. If that is correct, gold will continue to have strong momentum," George Burns, CEO of Eldorado Gold ELD.TO, said.
Information technology .SPTTTK led sectoral gains with a 3% jump, supported by Bitfarms BITF.TO, which climbed 18% following a boost to crypto stocks after the election results.
Financials .SPTTFS, which have the biggest weighting on the index, gained 1.64%. The sector benefited from IA Financial IAG.TO, whose shares rose 11.4% after it beat third-quarter profit estimates.
"A strong U.S. dollar has somewhat weighed on commodity prices," and is a "notable drag on Canadian markets", according to Douglas Porter, chief economist at BMO Capital Markets.
Reporting by Nikhil Sharma in Bengaluru; Editing by Pooja Desai and Lisa Shumaker
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