On Monday, the Canadian stock market closed on a high note, marking its eighth consecutive session of gains. The benchmark S&P/TSX Composite Index set a new record-high closing, with notable contributions from the materials sector driving the upward movement.
The S&P/TSX Composite Index rose by 61.78 points, or 0.72%, to reach 23,116.39, surpassing the previous record set on July 31st. The index hit an intraday high of 23,192.49 mid-morning before trimming some gains.
Investors are now focusing on the forthcoming Canadian inflation data expected on Tuesday, as well as the Federal Reserve's monetary policy meeting minutes and Fed Chair Jerome Powell's speech at Jackson Hole, scheduled for Wednesday and Friday, respectively.
Leading the charge, Cipher Pharmaceuticals (CPH.TO) surged 9.6%, followed closely by Canadian Tire Corporation (CTC.TO), which soared 8.7%. Seabridge Gold (SEA.TO) and Molson Coors Canada Inc (TPX.A.TO) also saw significant gains, climbing 5.8% and 5.5%, respectively.
Tecsys Inc (TCS.TO), Cogeco Inc (CGO.TO), Boyd Group Services (BYD.TO), Wheaton Precious Metals (WPM.TO), Colliers International (CIGI.TO), and FirstService Corporation (FSV.TO) all posted gains ranging from 1.2% to 3.5%.
Conversely, Richelieu Hardware (RCH.TO), Alimentation Couche-Tard (ATD.TO), Sprott Inc (SII.TO), Celestica Inc (CLS.TO), Fairfax Financial Holdings (FFH.TO), Onex Corporation (ONEX.TO), and Imperial Oil (IMO.TO) ended the session with losses between 1.2% and 2.5%.
