July 23 (Reuters) - Canada's main stock index posted a record high on Wednesday, helped by gains for energy and financial shares, as investors cheered signs that countries are reaching trade deals with the United States ahead of an August 1 deadline.
The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE), ended up 51.98 points, or 0.2%, at 27,416.41, eclipsing Thursday's record closing high.
"It looks like deals are getting done," said Allan Small, senior investment advisor of the Allan Small Financial Group with iA Private Wealth. "This fear of August 1 may not materialize."
Wall Street also rose as the European Union and the U.S. appeared headed toward a trade deal similar to an agreement U.S. President Donald Trump struck with Japan.
The energy sector (.SPTTEN), added 1.1% and heavily weighted financials (.SPTTFS), which include bank stocks, were up 0.6%.
"Banks are the bloodline of any economy," Small said, adding that they would benefit if trade certainty were to improve the economic outlook.
Rogers Communications Inc (RCIb.TO), shares advanced 1.2% after the company raised its annual service revenue forecast, banking on a boost from its stake acquisition in Maple Leaf Sports.
Not all sectors notched gains. The materials sector (.GSPTTMT), which includes metal mining shares, fell 0.5% as the price of gold, a traditional safe haven, declined.
Industrials also ended lower, losing 0.6%. Shares of Canadian National Railway Co (CNR.TO), dropped 4.1% after the company's second-quarter revenue missed expectations.
Reporting by Fergal Smith in Toronto and Sanchayaita Roy in Bengaluru; Editing by Tasim Zahid and Marguerita Choy
