TSX adds to weekly gain as peace deal hopes lift copper prices

* TSX ends up 0.8% at 34,937.85

* Materials group rises 3.1% as copper prices climb

* Financials add 0.9%

* Energy loses 0.5% as oil settles 3.2% lower

By Tharuniyaa Lakshmi and Fergal Smith

TORONTO, – Canada’s main stock index moved closer to a record high on Friday, led by gains for metal mining shares, as hopes for an imminent peace deal in the Middle East boosted investor sentiment globally.

The Toronto Stock Exchange’s S&P/TSX composite index ended up 266.39 points, or 0.8%, at 34,937.85 points, marking the highest closing level since the index posted a record high on June 4. For the week, the index was up 1.5%.

* The U.S. benchmark S&P 500 also rose as the United States and Iran signaled that an agreement to end their war was close and as SpaceX shares surged in their debut.

* “I’d say right now there is optimism this will be a lasting peace,” said Shiraz Ahmed, founder at Sartorial Wealth.

* The materials group, which includes metal mining shares, was up 3.1%.

* A peace deal could help ease concerns over rising inflation and slower economic growth, boosting copper prices by 2.7%.

* On Wednesday, the Bank of Canada said it will not let higher energy prices become persistent inflation as it left its benchmark interest rate on hold at 2.25%.

* Heavily weighted financials added 0.9% and consumer discretionary ended 0.7% higher.

* Shares of Apotex Health were up 5.4%, adding to gains since the generic drugmaker made its market debut on Wednesday in the TSX’s largest IPO in five years.

* Four of the 10 major sectors ended lower, including technology, which lost 1% and energy

* Energy was down 0.5% as the price of oil settled 3.2% lower at $84.88 a barrel.

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