Canada's S&P/TSX Composite Index Reaches One-Month Closing High

(RTTNews) - After ending the previous session mostly higher, Canadian stocks saw some further upside during trading on Thursday.

The benchmark S&P/TSX Composite Index pulled back off its best levels in the latter part of the trading day but still closed up 92.88 points or 0.7 percent at a one-month closing high of 25,254.06.

The continued strength on Bay Street came after U.S. President Donald Trump unveiled the framework of a trade agreement with the U.K.

While noting the final details are still "being written up," Trump claimed the deal includes billions of dollars of increased market access for American exports, especially in agriculture, and will see the U.K. reduce or eliminate numerous non-tariff barriers.

Even with the deal, the 10 percent tariff Trump imposed on most countries in early April will remain in place for imports from the U.K.

The announcement helped further ease uncertainty about trade following yesterday's news that U.S. Treasury Secretary Scott Bessent will meet with China's lead representative on economic matters during a trip to Switzerland.

Energy stocks helped lead the way higher as the price of crude oil spiked on the trade deal news, with the S&P/TSX Capped Energy Index surging by 2.8 percent.

Consumer discretionary, telecom and technology stocks also saw considerable strength, while consumer staples and gold stocks showed significant moves to the downside.