(Bloomberg) -- The Canadian stock market flirted with a new high Thursday as the intraday record faded in late afternoon trading.
The benchmark S&P/TSX Composite Index closed 0.2% higher at 16,643.28, paring a record high reached midday, as trade tensions between the world's two largest economies showed signs of easing. The key stock gauge is now about 23 points away for closing at a new high.
Technology and financial shares were the biggest gainers, while the health-care sector fell, dragged down by pot stocks after Aurora Cannabis Inc. reported a quarterly loss and revenue that missed its own guidance.
U.S. administration officials have discussed offering a limited trade agreement to China that would delay and even roll back some U.S. tariffs for the first time in exchange for Chinese commitments on intellectual property and agricultural purchases, according to five people familiar with the matter.
Stocks have been trading in a narrow range all through the summer, even as volatility soared amid concerns surrounding global economic growth.
A rally in commodity prices, economic and earnings growth, and the market's strong correlation with the U.S. propelled Canada's benchmark index to a record high earlier this year. The unwinding of momentum trades has also helped as investors piled back into sectors with some of the largest contributions -- financials and energy.
--With assistance from Kristine Owram.
To contact the reporter on this story: Divya Balji in Toronto at dbalji1@bloomberg.net
To contact the editors responsible for this story: Madeleine Lim at mlim131@bloomberg.net, ;David Scanlan at dscanlan@bloomberg.net, Jacqueline Thorpe
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