(Reuters) -Canada's main stock index rose on Tuesday, led by energy and consumer-related stocks, as investors welcomed recent signs of economic resilience and potential progress in U.S.-China trade talks .
The S&P/TSX composite index ended up 50.51 points, or 0.2%, at 26,426.31, stopping just short of the record closing high it posted on Friday.
"Markets are enjoying the moment," said Angelo Kourkafas, senior investment strategist at Edward Jones, adding that economies, particularly in the U.S., remain resilient, corporate profits are rising and global trade tensions are easing.
U.S. Commerce Secretary Howard Lutnick said trade talks with Chinese officials were going well and he hoped they would end on Tuesday night, but said they could run into Wednesday.
The energy sector rose 1.3% even as the price of oil gave back some recent gains, settling 0.5% lower at $64.98 a barrel.
Cenovus Energy is in the process of ramping up production at its Christina Lake oil sands site in Alberta after shutting output due to wildfire risk in early June, its CEO confirmed. Shares of Cenovus ended 2.4% higher.
Consumer staples added 1.7% and consumer discretionary was up 1%.
The materials sector was the only one of 10 major sectors to lose ground, falling 1.2% as the price of gold steadied and copper prices dipped.
(Reporting by Fergal Smith in Toronto and Ragini Mathur in Bengaluru; Editing by Shreya Biswas and Alistair Bell)
By Fergal Smith
