Canada Stocks: TSX hits four-week high as investors cheer government support measures

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Yesterday 21:19

Updates at market close
By Fergal Smith
TORONTO, Oct 21 (Reuters) - Canada's main stock index rose to a four-week high on Wednesday, led by gains for financial shares, as investors welcomed government measures to aid sectors hit hard by US tariffs.
The S&P/TSX Composite Index .GSPTSE ended up 217.03 points, or 0.6%, at 36,324.99, its highest closing level since September 22.
Canada and the province of Ontario unveiled a C$9 billion ($6.4 billion) support package to help the steel and auto sectors deal with US tariffs and also boost critical mineral support chains.
"Investors are really focused on the major projects, the government support, some tax changes that will help corporate investment and this is all very bullish for the Canadian stock market," said Lorne Steinberg, president, Lorne Steinberg Wealth Management Inc.
Last month, Prime Minister Mark Carney said that Canada will let businesses immediately write off the cost of most new capital investments for tax purposes.
"The banks are going to be huge beneficiaries," Steinberg said. "They'll be lending to all of those projects."
Heavily weighted financials .SPTTFS rose 1.4%, with shares of Toronto-Dominion Bank TD.TO ending nearly 2% higher.
Technology .SPTTTK added 0.8%. The tech-heavy Nasdaq led gains on Wall Street as quarterly results from SpaceX and Super Micro Computer improving appetite for AI-linked stocks.
Industrials .GSPTTIN rose 0.7% and interest rate sensitive utilities .GSPTTUT were up 0.6%.
The Canadian 10-year yield CA10YT=RR eased 2.3 basis points to 3.870%.
Just three of the 10 major sectors ended lower, including consumer discretionary .GSPTTCD, which lost 1.4%. 
Auto parts supplier Magna International MG.TO was down 4.1% as CIBC and BNP Paribas cut their price targets on the stock.
Teck Resources TECKb.TO said it received strike notice from United Steelworkers Local 7619 at its Highland Valley Copper operations in British Columbia. The company's shares ended 2.6% lower.

 (Reporting by Fergal Smith in Toronto and Anand Gopal and Utkarsh Hathi in Bengaluru; Editing by Tasim Zahid and Alistair Bell)
 ((fergal.smith@thomsonreuters.com; +1 647 480 7446))