Canada Stocks: TSX climbs to record high as mining shares help market outperform

Celestica

15/10/2025 21:54

Updates to close

TSX ends up 0.9%, at 30,637.12

Eclipses October 6 record closing high

Materials group rises 3.2% as gold climbs

Technology adds 0.9%

By Fergal Smith

TORONTO, Oct 15 (Reuters) - Canada's main stock index rose to a record high on Wednesday, with technology and metal mining shares leading gains as investors bet the Federal Reserve and the Bank of Canada would continue to cut interest rates.

The S&P/TSX composite index .GSPTSE ended up 283.51 points, or 0.9%, at 30,637.12, eclipsing the record closing high on October 6.

U.S. benchmark the S&P 500 also ended higher, with Morgan Stanley and Bank of America rallying after solid quarterly results.

"It's been strong right across the board," said Robert Gill, a portfolio manager at Fairbank Investment Management.

"Canada in particular is strong. It's been considerably stronger than the other North American markets this year, predominantly driven by metals and mining, and the precious metals in particular."

The TSX has advanced 23.9% this year, substantially beating the S&P 500's gain of 13.4%.

"It looks like we're going to have more interest rate cuts coming which continue to fuel the market, continue to fuel cheaper capital," Gill said.

On Tuesday, Fed Chair Jerome Powell left the door open to interest rate cuts at the U.S. central bank's final two meetings this year.

Bank of Canada Governor Tiff Macklem is due on Thursday to speak on Canada's economic outlook. Investors see a roughly 60% chance that the central bank will ease rates at a policy decision on October 29. 0#CADIRPR

The materials group, which includes fertilizer companies and metal mining shares, rose 3.2% as the price of gold XAU=  traded above $4,200 an ounce for the first time.

Technology  .SPTTTK added 0.9%, with shares of electronic equipment company Celestica Inc CLS.TO jumping 9%.

Energy was the only one of the 10 major sectors to end lower, dipping 0.2%. The price of oil settled 0.7% lower at $58.27 a barrel, pressured by escalating U.S.-China trade tensions.

(Reporting by Fergal Smith in Toronto and Ragini Mathur in Bengaluru; Editing by Sahal Muhammed and David Gregorio)

((fergal.smith@thomsonreuters.com; +1 647 480 7446))