The Canadian market is firmly positioned in positive territory as of early afternoon on Thursday, with stocks across multiple sectors experiencing gains. This upward movement comes as investors respond favorably to a significant interest rate cut by the Federal Reserve and a decline in U.S. jobless claims from the previous week.
The benchmark S&P/TSX Composite Index reached a new all-time high, climbing to 23,909.53 this morning. As of approximately 12:15 PM, the index stands at 23,834.53, up by 241.93 points or 1.03%.
Technology stocks are seeing substantial gains, with the sectoral index increasing by about 2.7%. Stocks in the energy and materials sectors are also on the rise, supported by firm commodity prices. Other notable gainers include industrials, consumer discretionary, and financials shares.
Leading advancements in technology, Bitfarms (BITF.TO), Shopify Inc (SHOP.TO), and Dye & Durham (DND.TO) are up by 5.6%, 4.3%, and 4.2%, respectively. Additionally, Celestica Inc (CLS.TO), Lightspeed Commerce (LSPD.TO), Converge Technology Solutions (CTS.TO), Kinaxis Inc (KXS.TO), Tecsys Inc (TCS.TO), Docebo Inc (DCBO.TO), and Open Text Corporation (OTEX.TO) are seeing increases ranging from 2.5% to 4%.
In the energy sector, notable performers include Precision Drilling Corp (PD.TO), Canadian Natural Resources (CNQ.TO), Cenovus Energy (CVE.TO), MEG Energy (MEG.TO), Vermilion Energy (VET.TO), Advantage Oil & Gas (AAV.TO), and Imperial Oil (IMO.TO), all posting gains between 1.8% and 3%.
The materials sector sees robust performances from Ivanhoe Mines (IVN.TO), Lundin Mining Corp (LUN.TO), Ero Copper (ERO.TO), Teck Resources (TECK.B.TO), Calibre Mining (CXB.TO), Hudbay Minerals (HBM.TO), Interfor Corp (IFP.TO), Equinox Gold Corp (EQX.TO), New Gold (NDG.TO), and West Fraser Timber (WFG.TO), with gains ranging from 2.5% to 6%.
Among financials, Sprott Inc (SII.TO) is up by 3.5%, while EQB Inc (EQB.TO), goeasy (GSY.TO), Laurentian Bank (LB.TO), Toronto-Dominion Bank (TD.TO), Manulife Financial (MFC.TO), Bank of Montreal (BMO.TO), Bank of Nova Scotia (BNS.TO), and CDN Western Bank (CWB.TO) are enjoying increases between 1% and 3%.
