Oct 2 Reuters Canada39;s main stock index touched a record high on Wednesday, aided by a rise in energy and mining stocks as escalation of the conflict in the Middle East stoked fears of oil supply disruption.
The Toronto Stock Exchange39;s SPTSX composite index hit a record high of 24,113.27 points in early trading. At 1016 ET, the TSX was up 63.52 points, or 0.26, at 24,097.51.
Tensions in the Middle East on Tuesday escalated when Iran carried a ballistic missile strike on Israel, which has promised a retaliation.
The conflict has made investors averse to risk due to lack of clarity on how the scenario might evolve, with the escalation of crisis putting pressure on markets globally.
On Wall Street, the benchmark SP 500 and the Nasdaq traded near twoweek lows on Wednesday.
However, fears of a supply disruption has boosted oil prices, and that has supported Toronto39;s commodity heavy index so far.
It seems like much of the premium is priced in now, said Kevin Headland, cochief investment strategist at Manulife Investment Management.
Of course, if things escalate further, there39;s always risk.
The heavyweight energy sector led sectoral gains with a 1 rise, tracking oil prices that jumped over 3.
The materials sector, which includes precious and base metal miners and fertilizer companies, also rose 0.9.
On the other hand, the healthcare and capped communications were the worst hit, falling 0.6 and 0.7, respectively.
Meanwhile, the U.S. private payrolls…