The Canadian stock market is displaying robust gains on Wednesday morning, with investors actively acquiring shares across various sectors. This activity is fueled by anticipation of a more substantial interest rate cut by the Bank of Canada in the upcoming week.
Notable growth is observed in the utilities, real estate, healthcare, communications, and materials sectors. Meanwhile, the technology, energy, consumer discretionary, and financial sectors are experiencing a mixed performance.
The benchmark S&P/TSX Composite Index, which reached an all-time high of 24,582.24 earlier in the session, is currently up by 97.88 points, or 0.4%, standing at 24,536.96 as we approach midday.
Cameco Corporation is seeing a nearly 7% increase. Meanwhile, CCL Industries, Sprott Inc, Atkins Realis Group, Brookfield Infrastructure Corporation, Teck Resources, and Docebo Inc are recording gains ranging from 2% to 4%.
Shares in Cogeco Communications, TFI International, goeasy, and Imperial Oil are also on the rise.
Conversely, Celestica Inc is down by approximately 2.3%, with Aritzia Inc, Tourmaline Oil Corp, Intact Financial Corporation, and Descartes Systems Group experiencing declines of 1% to 2%.
In the realm of economic data, the Canada Mortgage & Housing Corporation reported a 5% increase in housing starts, bringing the total to 223,808 units in September.
Statistics Canada indicated that manufacturing sales dropped by 1.3% from the previous month in August, succeeding a 1.1% increase revised downward for July. Additionally, another report from Statistics Canada noted a decline in car registrations, falling to 168,620 units in August from 169,327 units in July.
