Canada's commodity-heavy main stock index edged up to a record high on Tuesday as energy stocks climbed and Teck Resources Ltd (TECKb.TO) agreed to merge with London-listed miner Anglo American <AAL.L>.
The S&P/TSX composite index (.GSPTSE) ended up 35.28 points, or 0.1%, at 29,063.01, inching past the record closing high posted on Friday.
The planned merger between Teck and Anglo American would mark the mining sector's second-biggest M&A deal ever and forge a new global copper-focused heavyweight.
"The street seems to be seeing this deal as favorable for both parties," Colin Cieszynski, chief market strategist at SIA Wealth Management, said in a note.
Teck's shares jumped 11.5%, while the materials group (.GSPTTMT) added 0.1% to extend its record-setting run.
Fed rate cut prospects helped underpin the price of gold . Oil settled 0.6% higher at $62.63 a barrel. The Israeli military said it carried out an attack on Hamas leadership in Qatari capital Doha.
Energy (.SPTTEN) rose 1.6%, with shares of Cenovus Energy (CVE.TO) ending 2% higher.
U.S. refiner Phillips 66 (PSX.N) said it will acquire the remaining 50% stake in WRB Refining from Cenovus for $1.4 billion.
Still, six of 10 major sectors lost ground, including a decline of 0.4% for industrials.
