Toronto Stock Exchange Hits Record Level As Metals And Oil Rally

The Toronto Stock Exchange, Canada's main bourse, closed at a record high on June 4 as stocks tied to metals and crude oil continue to rally.

The S&P/TSX composite index rose 415.52 points to finish trading at an all-time high of 35,217.06. So far this year, the Toronto Stock Exchange has risen 10%.

The Canadian index has benefitted over the past year from a rise in mining stocks tied to the metals sector as prices for gold, silver, and copper hit record levels.

Gold is currently trading right around $4,500 U.S. an ounce, while silver’s price is at $72.83 U.S.

Canada’s stock exchange is also being lifted higher by the stocks of crude oil producers as energy prices spike due to the war in Iran.

Brent crude oil, the international benchmark, is currently trading at $95 U.S. a barrel but has been above $110 U.S. a barrel in recent months.

Oil prices have risen more than 40% since the U.S. attacked Iran on Feb. 28.

Stocks of leading Canadian oil producers such as Canadian Natural Resources (CNQ) and Suncor Energy (SU) are each up more than 35% year-to-date.

Resource-based industries such as energy, mining, forestry, and agriculture make up nearly 35% of the market capitalization on the Toronto Stock Exchange.

Over the past year, the Toronto exchange has risen 34%, one of its strongest performances ever, as prices for natural resources and commodities have grown sharply.