(fxcue news) - The Canadian market climbed to a fresh record high on Thursday with stocks from materials and energy sectors moving higher on firm commodity prices. A rate cut by the European Central Bank and expectations of interest rate cuts by the Federal Reserve and the Bank of Canada aided sentiment. Data showing an unexpected increase in U.S. retail sales, and a drop in U.S. jobless claims contributed as well to the positive mood in the market. The benchmark S&P/TSX Composite Index, which surged to 24,561.20, settled with a gain of 129.28 points or 0.53% at 24,690.48. Onex Corporation (ONEX.TO) gained about 3.6%. GFL Environmental (GFL.TO), RB Global (RBA.TO), Cameco Corporation (CCO.TO), Imperial Oil (IMO.TO), Boyd Group Services (BYD.TO), Franco-Nevada Corporation (FNV.TO) and Senvest Capital (SEC.TO) climbed 1.5 to 3%. CGI Inc (GIB.A.TO), Descartes Systems Group (DSG.TO), Intact Financial Corporation (IFC.TO) and Fairfax Financial Holdings (FFH.TO) also closed with strong gains. Ag Growth International (AFN.TO), Ero Copper (ERO.TO), Brookfield Business Corporation (BBUC.TO), TFI International (TFII.TO), Restaurant Brands International (QSR.TO) and Stella-Jones (SJ.TO) lost 1 to 3.2%. Canopy Growth Corporation (WEED.TO) announced today that it has made early prepayment on its senior secured term loan equal to $100 million at a discounted price of $97.5 million. Canopy expects that the prepayment will reduce its annualized interest expense by about $14 million. The stock gained 1.7%.d BRP Inc. (DOO.TO) gained about 0.7%. The company announced today that it will sell its Marine businesses namely Alumacraft, Manitou, Telwater, and Marine parts, accessories and apparel. BRP said this process excludes all activities related to its Sea-Doo personal watercraft, Sea-Doo Switch pontoons and jet propulsion systems.