(fxcue news) - The Canadian market settled higher on Thursday with the benchmark S&P/TSX Composite Index moving on to a new record high, riding on strong gains in the energy sector. In addition to reacting to a slew of earnings updates, investors also digested a mixed batch of economic data from the U.S. Profit taking in technology stocks and fading hopes of aggressive interest rate cuts by the Federal Reserve limited market's upside. The benchmark S&P/TSX Composite Index, which climbed to a new all-time high of 25,137.70, settled with a gain of 60.65 points or 0.24% at 25,049.67, closing past the 25,000 mark for the first time. AutoCanada (ACQ.TO) zoomed 25%. Tenaz Energy Corp (TNZ.TO) gained about 18.4% and AtkinsRealis Group (ATRL.TO) rallied 15.7%. Paramount Resources closed with a big gain of 15.3% after the company announced that it has entered into a purchase and sale agreement with Ovintiv Inc., and one of its wholly-owned subsidiaries (together, "Ovintiv") pursuant to which Ovintiv will acquire Paramount's Karr, Wapiti and Zama properties for $3.325 billion in cash plus certain Horn River Basin properties of Ovintiv. Pollard Banknote (PBL.TO) climbed 10.5%. Vermilion Energy (VET.TO) gained 6.8%. Maple Leaf Foods (MFI.TO) closed up 5.2%. Aecon Group (ARE.TO), CI Financial Corp (CIX.TO), Parklans Corporation (PKI.TO), Imperial Oil (IMO.TO), Precision Drilling Corporation (PD.TO), Agnico Eagle Mines (AEM.TO), Suncor Energy (SU.TO), Brookfield Business Partners (BBU.UN.TO), Boyd Group Services (BYD.TO) and Franco-Nevada Corporation (FNV.TO) gained 2 to 4%. Aya Gold & Silver Inc (AYA.TO) tanked 20% after reporting net loss of $263 million for the third quarter, compared with net income of $1,206 million a year ago. Mattr Corp (MATR.TO) lost 10%. The company reported net income of $7.18 million for the quarter ended September 30, 2024, compared with $55.4 million in the year-ago quarter. CCL Industries (CCL.A.TO), Hut 8 Corp (HUT.TO), Shopify Inc (SHOP.TO), Open Text Corporation (OTEX.TO), Docebo Inc (DCBO.TO), CGI Inc (GIB.A.TO), Kinaxis Inc (KXS.TO), Bombardier Inc (BBD.B.TO) and CCL Industries (CCL.B.TO) lost 3 to 10%.