The S&P/TSX Composite Index rose to a fresh record-high as it climbed 160 points mid-morning Wednesday, buoyed by strength in the financial and base metal sectors.
The financial sector rose 0.7% while base metals gained 0.8%. Sectors were mixed, however, with information technology dropping 1.4% on last look as the worst performer.
In stocks, Air Canada (AC.TO) shares jumped 12.2% to reach $30.59 per share, its highest level in more than six years. This rally came after the company reported second-quarter earnings and said its frequent flyer program Aeroplan will receive a C$2.5 billion minority equity investment from funds managed by Blackstone, La Caisse and other Canadian institutions.
Air Canada also reinstated and updated its full year 2026 guidance, which had been suspended on April 30.