Canadian Market Continues To Climb Higher; TSX Up Modestly At Noon
2024-11-24
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(fxcue news) - The Canadian market has moved on to a new record high on Friday, lifted by gains in technology, industrials and materials sectors, as investors continue to remain optimistic about more interest rate reductions by the central bank.
Data showing a slowdown in Canadian GDP growth in the third-quarter is limiting market's upside.
The benchmark S&P/TSX Composite Index, which rose to 25,650.60, is up 69.37 points or 0.27% at 25,612.89 a fewe minutes past noon.
Data from Statistics Canada showed the Canadian GDP expanded by 0.3% from the earlier quarter in the three months to September of 2024, slowing from 0.5% expansions in the first two quarters of the year.
The Canadian economy expanded an annualized 1% in the third quarter, following an upwardly revised 2.2% growth in the second quarter.
A report from the Canadian Federation of Independent Business said small business sentiment in Canada increased to 59.70 points in November from 55.80 points in October of 2024. Small Business Sentiment in Canada reached an all time high of 74.07 points in April of 2002 and a record low of 30.84 points in March of 2020.
Telesat Corporation (TSAT.TO) is zooming nearly 12%. Hut 8 Corp (HUT.TO) is up 5%, Cogeco Communications (CCA.TO) is gaining 3.2% and Cogeco Inc (CGO.TO) is advancing 2.3%.
Shopify Inc (SHOP.TO), Kinaxis Inc (KXS.TO), Ag Growth International (AFN.TO), Senvest Capital (SEC.TO), Cameco Corporation (CCO.TO), Bombardier Inc (BBD.B.TO), AtkinsRealis (ATRL.TO), Canadian Pacific Kansas City (CP.TO) and BRP Inc (DOO.TO) are up 1 to 2.2%.
Morguard Corporation (MRC.TO), Brookfield Renewable Corporation (BEPC.TO) and BCE Inc (BCE.TO) are notably lower.
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