Canadian Market Stays Firm After Hitting New Record High
2024-10-07
4767
(fxcue news) - The Canadian market is up firmly in positive territory Wednesday morning with investors picking up stocks from across several sectors amid optimism about a larger interest rate cut by the Bank of Canada next week.
Shares from utilities, real estate, healthcare, communications and materials sectors are among the prominent gainers. Technology, energy, consumer discretionary and financials stocks are turning in a mixed performance.
The benchmark S&P/TSX Composite Index, which climbed to a fresh record high of 24,582.24 earlier in the session, is up 97.88 points or 0.4% at 24,536.96 nearly half an hour before noon.
Cameco Corporation (CCO.TO) is climbing nearly 7%. CCL Industries (CCL.A.TO), Sprott Inc (SII.TO), Atkins Realis Group (ATRL.TO), Brookfield Infrastructure Corporation (BIPC.TO), Teck Resources (TECK.B.TO) and Docebo Inc (DCBO.TO) are gaining 2 to 4%.
Cogeco Communications (CCA.TO), TFI International (TFII.TO), goeasy (GSY.TO) and Imperial Oil (IMO.TO) are also notably higher.
Celestica Inc (CLS.TO) is down by about 2.3%. Aritzia Inc (ATZ.TO), Tourmaline Oil Corp (TOU.TO), Intact Financial Corporation (IFC.TO) and Descartes Systems Group (DSG.TO) are declining 1 to 2%.
In economic news, data from Canada Mortgage & Housing Corporation said housing starts in Canada increased by 5% over a month to 223,808 units in September.
Data from Statistics Canada showed manufacturing sales in Canada decreased by 1.3% month-over-month in August, following a downwardly revised 1.1% rise in July.
Another data from Statistics Canada said car registrations in Canada decreased to 168,620 units in August from 169,327 units in July.
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