Canada Stocks: TSX inches toward all-time high as tech shares rise

Dollarama

04/12/2024 21:41

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      TSX ends up 5.45 points at 25,641.18
    

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      Technology sector gains 1.5%
    

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      RBC adds 0.3% after earnings report
    

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      Energy falls 2.1%; oil settles 2% lower
    

  
 (Updates at market close)
    By Nikhil Sharma and Fergal Smith
       Dec 4 (Reuters) - Canada's main stock index edged closer
to its all-time high on Wednesday as technology shares rose and
investors cheered Royal Bank of Canada's results, while declines
for energy shares helped keep the market's advance in check.    
    The Toronto Stock Exchange's S&P/TSX composite index
 .GSPTSE  ended up 5.45 points, or 0.02%, at 25,641.18. It
posted a record closing high on Friday at 25,648.00.
    "As we sit here very close to all-time highs, there's not
much to complain about," said Angelo Kourkafas, investment
strategist at Edward Jones Investments.  
    "I would say in the market, just some hesitation today in
light of significant gains last month."
    The TSX added 6.2% in November, its biggest monthly gain in
one year.
    The technology sector rose 1.5%, industrials added 0.8% and
heavily weighted financials ended up 0.1%.
    Shares of Royal Bank of Canada  RY.TO  were up 0.3% after
the country's biggest bank beat quarterly profit expectations.
In contrast, shares of National Bank  NA.TO  lost 3.8% after its
earnings report.
    Air Canada  AC.TO  said it would start charging for bigger
carry-on bags from passengers opting for its lowest-priced basic
fare for North American routes starting on Jan. 3. The move drew
immediate condemnation from Ottawa but the airline's shares were
up 1.2%.
    The energy group fell 2.1% as the price of oil  CLc1 
settled 2% lower at $68.54 a barrel ahead of an OPEC+ decision
on production cuts.
    The materials group, which includes fertilizer companies and
metal mining shares, also lost ground, ending 0.4% lower.
    Dollarama Inc  DOL.TO  posted a rise in third-quarter sales
and profit as it drew more price-conscious consumers to its
low-priced non-essentials such as household supplies and
grocery. Still, its shares dropped 5.1%.

 (Reporting by Fergal Smith in Toronto and Nikhil Sharma and
Ragini Mathur; Editing by Vijay Kishore and Alistair Bell)
 ((fergal.smith@thomsonreuters.com; +1 647 480 7446))