Canada Stocks: TSX notches record high, helped by bull market for resource shares

Bank of Nova Scotia

24/02/2026 21:48

(Updates at market close)

        * 
      TSX ends up 0.6% at 33,970.38
    

        * 
      Eclipses Friday's record closing high
    

        * 
      Materials sector adds 1.8% as copper rallies
    

        * 
      Thomson Reuters shares jump 11.4%
    

  
    By Fergal Smith
       Feb 24 (Reuters) - 
    Canada's main stock index rose to a record high on Tuesday,
led by gains for metal mining stocks and the shares of Thomson
Reuters.
    The S&P/TSX Composite Index  .GSPTSE  ended up 193.88
points, or 0.6%, at 33,970.38, eclipsing the record closing high
it posted on Friday.
    "I do believe the Canadian markets are going to outperform
because of the higher resource component," said Steve Palmer,
president and chief investment officer at AlphaNorth Asset
Management. "We're in a resource bull market and that's the main
theme."
Resource shares account for roughly 38% of the TSX's market
capitalization. The index is expected to post additional record
highs this year, supported by elevated commodity prices and the
increased attractiveness of companies in established industries
that could benefit from an upswing in the global economy, a
Reuters poll found.
The materials sector  .GSPTTMT , which includes metal mining
shares, added 1.8% as copper prices hit a 12-day high after
traders in China returned from holidays. Gold  XAU=  fell 1.4%
but has rallied more than 17% from its low point this month.
    "To me, gold looks like it's bottomed after that correction
we had - both gold and silver. That's positive," Palmer said.
    U.S. stocks also advanced, with technology shares recovering
as investors assessed Anthropic's announcement of new artificial
intelligence tools. The AI lab said companies including Thomson
Reuters TRI.TO were using AI agents powered by Anthropic.
    Shares of Thomson Reuters ended 11.4% higher, clawing back
some recent losses, which helped lift the industrials sector
 .GSPTTIN  by 1.5%.
    Bank of Nova Scotia  BNS.TO  was the first of the major
banks to report quarterly earnings. The lender beat analysts'
estimates and said it would likely hit a key earnings target a
year ahead of schedule, but its shares ended 0.7% lower.

(Reporting by Utkarsh Tushar Hathi; Editing by Shreya Biswas and
David Gregorio)
((utkarshtushar.hathi@thomsonreuters.com))