Canada Stocks: TSX rises as gold moves above $4,900 per ounce

Seabridge Gold

22/01/2026 21:29

TSX ends up 0.5% at 33,002.70

Materials sector gains 2.2% as gold hits a record high

Industrials add 0.7%

Celestica shares fall 6.6%

Updates at market close

By Fergal Smith

Jan 22 (Reuters) - Canada's commodity-linked main stock index rose on Thursday as record-high gold prices boosted metal mining shares and investors cheered upbeat U.S. economic data.

The S&P/TSX Composite Index .GSPTSE ended up 151.17 points, or 0.5%, at 33,002.70, moving back in reach of the January 19 record closing high.

Wall Street's main indexes also climbed on buying tied to the rescinding of U.S. tariff threats on European allies and data that showed U.S. consumer spending up solidly in November and October.

"We're right around all-time highs for the TSX ... and there's good reason for that," said Colin Cieszynski, chief market strategist at SIA Wealth Management.

"The U.S. economy is doing really well. The Canadian economy is holding its own and if we look at our commodities ... commodity prices are basically supportive for Canada and Canadian resource stocks."

Canada is a major producer of oil, as well as base and precious metals.

The materials group .GSPTTMT, which includes metal mining shares, rose 2.2% as gold XAU= pushed above $4,900 per ounce for the first time. The precious metal was powered by ongoing geopolitical tensions, a softer U.S. dollar and expectations of Federal Reserve interest rate cuts.

Shares of New Gold Inc NGD.TO rose nearly 12% and Seabridge Gold Inc SEA.TO shares ended 12.6% higher.

Industrials .GSPTTIN were up 0.7% and consumer staples .GSPTTCS added 0.6%.

Five of the 10 major sectors ended lower, including energy .SPTTEN. It fell 1.3% as the price of oil Clc1 settled 2.1% lower at $59.36 a barrel.

Technology .SPTTTK lost 1.7%, with shares of AI infrastructure company Celestica CLS.TO falling 6.6%.

 (Reporting by Fergal Smith and Utkarsh Tushar Hathi; Editing by Jonathan Ananda and Diane Craft)

 ((fergal.smith@thomsonreuters.com; +1 647 480 7446))