Canada Stocks: TSX ends higher for seventh straight day as tech shares climb

Descartes Systems group

04/09/2025 21:37

TSX ends up 0.6% at 28,915.89

Eclipses Wednesday's record closing high

Tech adds 2.1% as Descartes beats on revenue

Financials end 0.7% higher

Updates at market close

By Fergal Smith

Sept 4 (Reuters) - Canada's main stock index rose to another record high on Thursday, as technology and financial shares notched gains ahead of U.S. and Canadian employment data that guide expectations for interest rate cuts.

The S&P/TSX composite index .GSPTSE ended up 164.53 points, or 0.6%, at 28,915.89, eclipsing the record closing high it posted on Wednesday. It was the seventh straight day of gains, the longest daily winning streak since May.

"The TSX won't quit," said Barry Schwartz, chief investment officer at Baskin Wealth Management. "It's like every day it's hitting a record high and it seems to have the right mix for this kind of market."

Financials, energy and materials account for 64% of the TSX's weighting, with the last mentioned up more than 50% since the start of the year as soaring gold prices boosted metal mining shares.

U.S. and Canadian employment data are set for release on Friday, with economists forecasting modest job gains that could leave the door open to the BoC and the Federal Reserve resuming their easing campaigns.

The Fed has cut interest rates much less than the Bank of Canada in the current cycle. A move to more significant cuts by the U.S. central bank over the coming months could be a catalyst for the next move higher in stocks, Schwartz said.

The technology sector .SPTTTK rose 2.1%, led by a 7% gain for the shares of Descartes Systems Group Inc DSG.TO after the supply chain technology provider beat quarterly revenue estimates.

Consumer discretionary was up 1% and financials added 0.7%, while real estate gained 1.1% as long-term borrowing costs fell.

The Canadian 10-year yield CA10YT=RR touched a two-month low at 3.340%.

 (Reporting by Fergal Smith in Toronto and Sanchayaita Roy in Bengaluru; Editing by Shreya Biswas and David Gregorio)

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