Toronto market extends record-setting run as gold miners climb
4:32 pm Friday, September 20th, 2024
By Nikhil Sharma and Fergal Smith
(Reuters) -Canada’s main stock index on Friday inched past the record high it hit a day earlier, helped by gains for the shares of gold miners and uranium producers but the move was limited as investors took stock of recent advances for the market.
The Toronto Stock Exchange’s S&P/TSX composite index ended up 1.28 points at 23,867.55, moving past the record closing high it posted the previous day.
For the week, the index was up 1.3%, its sixth weekly gain in the last seven weeks, after the Federal Reserve cut interest rates for the first time in four years, boosting investor sentiment globally.
“Today, I think the market (is) just taking a bit of a breather,” said Allan Small, senior investment advisor at Allan Small Financial Group with iA Private Wealth. “I haven’t really seen anything that would warrant caution.”
Domestic data was upbeat. It showed retail sales rising 0.9% in July from June, eclipsing expectations for a gain of 0.6%, while a preliminary estimate showed sales increasing 0.5% in August.
The materials group, which includes fertilizer companies and metal mining shares, added 0.6% as the price of gold climbed 1.3% to notch a record high.
Uranium producers were among the biggest gainers, with shares of Cameco Corp adding 8.1%.
Utilities and consumer staples both gained 0.5%, while industrials were a drag, falling 0.9%, including declines for railroad shares.
Energy also lost 0.9% as the recent rebound in oil prices paused. U.S. crude oil futures settled 3 cents lower at $71.92 a barrel.
(Reporting by Fergal Smith in Toronto and Nikhil Sharma in Bengaluru; Editing by Leroy Leo and Deepa Babington)
