The markets today

TORONTO (CP) — Canada’s main stock index set record highs Tuesday while U.S. markets were relatively flat ahead of an interest rate decision by the Federal Reserve.

The S&P/TSX composite index closed up 83.44 points to 16,834.75. That’s a record closing level after earlier reaching a record intraday peak of 16,855.45.

The gains were driven by a broad-based rally led by the materials sector as shares of Barrick Gold Corp. and Kinross Gold Corp. each gained more than five per cent.

The December gold contract was up US$1.90 at US$1,513.40 an ounce and the December copper contract was down 1.35 cents at US$2.63 a pound. Energy was one of three sectors to fall as stocks retreated from Monday’s surge in crude oil prices caused by an attack on Saudi Arabia’s oil facilities. Encana Corp. shares lost 6.5 per cent, followed by Crescent Point Energy Corp. at 3.5 per cent. The October crude contract was down US$3.56 at US$59.34 per barrel and the October natural gas contract was down 1.3 cents at US$2.67 per mmBTU.

Despite the decrease, oil prices were still at the highest level in two months.

“The longer term issue is will there be a risk premium embedded in the price going forward, at least for some period of time just because of the attacks that happened in the Middle East,” said Anish Chopra, managing director with Portfolio Management Corp.

The health care sector was also weaker as CannTrust Holdings Inc. lost 14.6 per cent after announcing that it received a notice of licence suspension from Health Canada, which has been investigating the cannabis company for allegedly cultivating pot in unlicensed rooms.

The Canadian dollar traded for an average of 75.43 cents US compared with an average of 75.48 cents US on Monday.