TSX Hits New Record High Again, Ends 0.41% Up

(RTTNews) - The Canadian market posted a record closing high for the third consecutive day as technology stocks climbed higher on strong buying interest on Friday.

Communications, industrials and consumer discretionary stocks were among the other notable gainers.

Expectations of further monetary easing by the central bank helped underpin sentiment. Data showing a slowdown in Canadian GDP growth limited market's upside.

The benchmark S&P/TSX Composite Index climbed to 25,694.45 before settling at 25,648.00, with a gain of 104.48 points or 0.41%. The index gained about 0.8% in the week.

Data from Statistics Canada showed the Canadian GDP expanded by 0.3% from the earlier quarter in the three months to September of 2024, slowing from 0.5% expansions in the first two quarters of the year.

The Canadian economy expanded an annualized 1% in the third quarter, following an upwardly revised 2.2% growth in the second quarter.

A report from the Canadian Federation of Independent Business said small business sentiment in Canada increased to 59.70 points in November from 55.80 points in October of 2024. Small Business Sentiment in Canada reached an all time high of 74.07 points in April of 2002 and a record low of 30.84 points in March of 2020.

Atco Ltd. (ACO.Y.TO) shares rallied 6.7% and Telesat Corporation (TSAT.TO) climbed 6%. Cogeco Communications (CCA.TO) closed up 4.7%, while Quebecor (QBR.A.TO) and Hut 8 Corp (HUT.TO) gained 3.8% and 3.3%, respectively.

Cogeco Inc (CGO.TO) advanced by about 3.1%. Ag Growth Corporation (AFN.TO), Kinaxis Inc (KXS.TO), Bombardier Inc (BBD.B.TO), Shopify Inc (SHOP.TO), Cameco Corporation (CCO.TO), Aritzia Inc (ATZ.TO), AtkinsRealis (ATRL.TO), TFI International (TFII.TO), Magna International (MG.TO), Celestica Inc (CLS.TO), Precision Drilling Corporation (PD.TO) and Cargojet (CJT.TO) ended higher by 1 to 2.5%.

Morguard Corporation (MRC.TO), Rogers Communications (RCI.A.TO), Maple Leaf Foods (MFI.TO), Parkland Corporation (PKI.TO) and Metro Inc (MRU.TO) were among the notable losers.