TSX extends record-setting run, led by tech and energy
5:34 pm Wednesday, November 13th, 2024
By Nikhil Sharma and Fergal Smith
(Reuters) – Canada’s main stock index rose on Wednesday, led by gains for energy and technology shares, as oil prices climbed and U.S. inflation data supported expectations for a Federal Reserve interest-rate cut next month.
The S&P/TSX composite index ended up 66.01 points, or 0.3%, at 24,989.02, eclipsing the record closing high it posted on Tuesday.
“I think we’re mostly following the U.S. market today,” said Colin Cieszynski, chief market strategist at SIA Wealth Management.
“Things just seem to be kind of settling out after all the humongous moves we’ve seen over the last week.”
U.S. benchmark the S&P 500 inched higher as U.S. consumer prices rose in line with expectations in October.
The data showed underlying inflation continuing to run a little warmer but did not change expectations that the U.S. central bank would deliver a third rate cut in December against the backdrop of a softening labor market.
The Toronto market’s technology sector rose 2.4% as Shopify added to the previous day’s sharp gains.
Shares of Suncor advanced 4.2% after the company reported much better-than-expected third-quarter results. That helped lift the energy sector, which ended up 0.8%.
U.S. crude oil futures settled 0.5% higher at $68.43 a barrel, helped by short-covering.
CAE was a standout. Shares of the civil aviation training company climbed 11.9% after quarterly results beat estimates.
The materials group was among the sectors that lost ground. It fell 1.3% as gold and copper prices declined, while consumer staples were down 0.7%.
Loblaw Companies shares fell 2.4% after the retailer missed third-quarter revenue estimates, hurt by a slowdown in demand.
(Reporting by Fergal Smith in Toronto and Nikhil Sharma in Bengaluru; Editing by Shreya Biswas and Lisa Shumaker)
