The Canadian market achieved new intraday and closing highs on Friday, continuing its recent upward trend, as investors eagerly purchased stocks based on rising optimism that the Federal Reserve might cut interest rates this year.
The S&P/TSX Composite Index surged to 22,750.33 during the day, ultimately finishing with a gain of 129.39 points, or 0.57%, at 22,673.52.
Prominent sectors showing significant gains included consumer discretionary, materials, communications, financials, and real estate. Additionally, select stocks within the technology and industrials sectors also experienced notable increases.
Aritzia Inc (ATZ.TO) saw a remarkable surge of nearly 15%, driven by the company's report of an adjusted net income of $25.0 million for the first quarter, marking a 122.7% rise compared to the same quarter last year.
Hut 8 Corp (HUT.TO) soared by 13.6%. Both Cogeco Communications (CGO.TO) and Cogeco Inc (CCA.TO) closed higher, buoyed by stronger-than-expected quarterly results.
Dayforce (DAY.TO) advanced nearly 4%, while BRP Inc (DOO.TO), Teck Resources (TECK.A.TO), Canadian Tire Corporation (CTC.TO), FirstService (FSV.TO), and goeasy (GSY.TO) each appreciated by 2% to 4%.
Conversely, Softchoice Corporation (SFTC.TO) declined by 4.6%. Other decliners included Rogers Communications (RCIA.TO), Richelieu Hardware (RCH.TO), Primo Water Corporation (PRMW.TO), Sprott Inc (SII.TO), Cameco Corporation (CCO.TO), and Canadian Natural Resources (CNQ.TO), with reductions ranging from 1.2% to 3%.
On the economic front, Statistics Canada reported a 12.2% month-on-month decrease in the total value of building permits in Canada, falling to $11.7 billion in May. This followed an upwardly revised 23.4% increase in the previous month.
