* TSX ends up 0.7% at 34,268.27
* Canada unveils plan to double electricity grid capacity
* Financials add 1.6%, with Brookfield up 5.4%
* Technology ends 2% higher (Updates at market close)
TORONTO, May 14 (Reuters) – Canada’s main stock index rose on Thursday, led by gains for financial and technology shares, as the prospect of economic deals between the United States and China and plans for domestic infrastructure spending boosted investor sentiment.
The Toronto Stock Exchange’s S&P/TSX Composite Index ended up 226.84 points, or 0.7%, at 34,268.27, approaching the top of its range in recent weeks. The S&P 500 and the Nasdaq posted fresh record highs as investors absorbed generally solid economic data and watched for developments from Beijing, where U.S. President Trump was engaged in a high-stakes meeting with his Chinese counterpart Xi Jinping.
“Everybody is betting on the idea that something good is going to come out of that (meeting),” said Jay Bala, co-founder and senior portfolio manager at AIP Asset Management. The Nasdaq debut of chip designer Cerebras Systems and the potential for infrastructure investment in Canada to boost the economy added to positive momentum for the market, Bala said.
Shares of Cerebras soared above the initial public offering price, extending the market’s unrelenting frenzy for companies seen as the biggest beneficiaries of the artificial intelligence boom. Canada unveiled a C$1 trillion ($729 billion) strategy to double the capacity of its electricity grid by 2050, citing rapidly increasing power demand and the need for energy security. Heavily weighted financials added 1.6%, with Brookfield Corp shares up 5.4% after the investment firm reported an increase in first-quarter revenue. Shares of Manulife Financial dropped 5.7% after the insurance company missed first-quarter profit estimates.
Technology was up 2% and energy ended up 1.2%. The price of oil settled 0.15% higher at $107.17 a barrel.
Of 10 major sectors, only materials, which includes metal mining shares, ended lower. It lost 1.8% as gold and copper prices fell.
Canada Goose warned of subdued consumer spending due to growing macroeconomic uncertainty, even as the luxury apparel retailer beat Wall Street estimates for fourth-quarter revenue. Its shares ended 7.2% lower. (Reporting by Fergal Smith in Toronto and Shashwat Chauhan in Bengaluru; Editing by Tasim Zahid and Cynthia Osterman)
