TSX Climbs To New Record High On All-round Buying, Ends 1.4% Up

(RTTNews) - Canadian stocks kept moving higher and higher on Thursday after a marginally positive start, thanks to investors indulging in some hectic buying across the board, after the government unveiled a mini stimulus package to help cash-strapped households struggling under higher debt payments.

The measures announced by the government will cost the Canadian treasury an estimated 6.3 billion Canadian dollars, and include a temporary, two-month sales-tax exemption on certain goods and services. Furthermore, the Liberal government will issue an one time tax-free cash transfer of C$250 to individuals who earn less than C$150,000 Canadian dollars a year.

The benchmark S&P/TSX Composite Index, which climbed to a new record high of 25,402.06, ended the session with a gain of 354.22 points or 1.41% at 25,390.68.

Several stocks from technology, energy, materials, industrials, consumer discretionary, consumer staples, utilities and financials sectors moved up sharply.

Technology stocks rallied with investors reacting positively to the earnings update from U.S. tech major Nvidia.

Cameco Corporation (CCO.TO), Bombardier Inc (BBD.A.TO), Celestica Inc (CLS.TO) and Canadian Tire Corporation (CTC.TO) gained 4 to 6%.

Dayforce Inc (DAY.TO), Tourmaline Oil Corp (TOU.TO), AtkinsRealis Group (ATRL.TO), Magna International (MG.TO), Constellation Software (CSU.TO), Royal Bank of Canada (RY.TO), TFI International (TFII.TO), Shopify Inc (SHOP.TO), Metro Inc (MRU.TO), Stantec Inc (STN.TO), Canadian Pacific Kansas City (CP.TO), Canadian National Railway (CNR.TO), West Fraser Timber (WFG.TO) and Dollarama (DOL.TO) climbed 2 to 3.7%.

Real Matters Inc (REAL.TO) ended down 5.5%. The company reported consolidated revenue of $45.6 million for the fourth quarter, up 8% compared to the previous year's revenue.

Silvercorp Metals (SVM.TO) announced the pricing of a previously announced private offering of $130 million aggregate principal amount of 4.75% convertible senior notes, due 2029. The offering is expected to be closed on or about November 25. The stock closed lower by about 5.5%.

Hut 8 Corp (HUT.TO), Aya Gold & Silver (AYA.TO), Endeavour Mining (EDV.TO), Dye & Durham (DND.TO), Cogeco Inc (CGO.TO), Molson Coors Canada (TPX.B.TO), ATS Corporation (ATS.TO) and BCE Inc (BCE.TO) also ended notably lower.

Data from Statistics Canada showed industrial producer prices in Canada rose by 1.2% month-over-month in October, rebounding from a revised 0.8% decline in the previous month. On yearly basis, producer prices rose by 1.1% in October, after a revised 1% fall in the previous month.

The Raw Materials Price Index in Canada rose 3.8% month-over-month in October, rebounding from two consecutive monthly declines. Year-on-year, the Raw Materials Price Index dropped 2.8%, marking the third straight annual decline.