TSX Posts Fresh Record Closing High

(RTTNews) - The Canadian market climbed to a new all-time high on Friday, with stocks from healthcare, real estate and materials sectors contributing to the rise.

Expectations of an interest rate cut by the Federal Reserve next week, and further reductions in the coming months helped underpin sentiment.

The benchmark S&P/TSX Composite Index, which hit a new intra-day high at 23,637.25, ended the day's session with a gain of 93.51 points or 0.4% at 23,568.65. The index gained 3.5% in the week.

Healthcare stocks Tilray Inc (TLRY.TO) and Chartwell Retirement Residences (CSH.UN.TO) gained 3% and 3.3%, respectively. Sienna Senior Living (SIA.TO) climbed nearly 1.5%.

Real estate stocks Allied Properties (AP.UN.TO), Riocan Real Estate (REI.UN.TO), Northwest Healthcare (NWH.UN.TO), CDN Apartment (CAR.UN.TO) and Smartcentres Real Estate (SRU.UN.TO) gained 3 to 4.15%.

In the materials sector, New Gold (NGD.TO), Calibre Mining Corp (CXB.TO), Canfor Corp (CFP.TO), Silvercrest Metals (SIL.TO), MAG Silver Corp (MAG.TO), First Majestic Silver Corp (AG.TO), Interfor Corp (IFP.TO), Fortuna Silver Mines (FVI.TO), Aya Gold and Silver (AYA.TO) and Wesdome Gold Mines (WDO.TO) closed higher by 4 to 7.5%.

Among other gainers, Telesat Corporation (TSAT.TO) soared 15.4%. Kinaxis Inc (KXS.TO) gained about 3.1%. West Fraser Timber (WFG.TO), Colliers International (CIGI.TO) and Toromont Industries (TIH.TO) also ended notably higher.

Boyd Group Services (BYD.TO), Canadian Natural Resources (CNQ.TO), Dollarama Inc (DOL.TO) and Morguard Corporation (MRC.TO) lost 1 to 2.5%.

On the economic front, data from Statistics Canada showed Canadian industries operated at 79.1% of their production capacity in the second quarter of 2024, up slightly from a revised 78.6% in the first quarter and above market estimates of 78.4%.

A separate data from Statistics Canada showed wholesale sales in Canada rose by 0.4% month-over-month in July 2024, contrasting with the preliminary estimate of a 1.1% drop and following a 0.6% decrease in the prior month.