Canada Stocks: TSX scales record high on mining boost

Calibre Mining

18/10/2024 15:48

(Updated at 10:10 a.m. ET/ 1410 GMT)
    By Nikhil Sharma
       Oct 18 (Reuters) - Canada's main stock index edged up to
touch another record high on Friday as mining shares rose on
higher gold prices, while energy stocks tracking lower oil
prices limited overall gains.
    The Toronto Stock Exchange's S&P/TSX composite index
 .GSPTSE  was up 32.7 points, or 0.13%, at 24,723.18, and was
set to register its sixth consecutive weekly gain, its longest
winning streak since the week of April 1.
    Canada's materials sector  .GSPTTMT  was the biggest gainer,
rising 1.6%, as gold prices hit a record high on expectations of
further U.S. rate cuts, while uncertainty around U.S.
presidential elections and Middle East conflicts also lifted
bullion demand.  GOL/ 
    The consumer discretionary  .GSPTTCD  also gained, supported
by a 2.6% rise in auto parts supplier Magna International
 MG.TO .
    In contrast, the heavyweight energy sector  .SPTTEN  dragged
0.7% as oil prices fell over one percent and were set for the
biggest weekly loss in over a month.  O/R 
    One of the biggest drivers for overall weekly gains was the
cooler-than-expected domestic inflation data on Tuesday that
bolstered expectations for an unusually large interest rate cut
by the Bank of Canada next week.
    Markets see a 90.6% chance for a half-point cut, and if
implemented, would also be the first super-sized reduction in
more than 15 years outside of the pandemic era.  0#BOCWATCH 
    "You continue to see rates go lower (in Canada)" in
coordination with global easing cycle, and thus "you should
likely continue to see Toronto do fairly well," said Mike
Archibald, portfolio manager at AGF Investments.
    The TSX is up 18% for the year and could reach eight record
closing highs out of 13 sessions since the beginning of this
month if the trend holds.
    Among individual stocks, Calibre Mining  CXB.TO  fell 5.9%
after it announced third-quarter and year-to-date gold
production.
    On Wall Street, the benchmark S&P 500  .SPX  and the
tech-heavy Nasdaq  .IXIC  edged higher on Friday as technology
shares broadly advanced.  .N 

 (Reporting by Nikhil Sharma in Bengaluru; Editing by Vijay
Kishore)
 ((Nikhil.Sharma@thomsonreuters.com;))