The Canadian market reached a new milestone on Friday, advancing for the third consecutive day, buoyed by significant gains in material stocks due to record-setting metal prices. Investor sentiment was further boosted by ongoing optimism regarding potential interest rate cuts from the Bank of Canada.
The S&P/TSX Composite Index, which reached a new intraday high of 24,850.15, concluded the session up by 132.06 points, or 0.53%, closing at an unprecedented high of 24,822.54. Over the week, the index rose nearly 1.5%.
The Materials Capped Index saw an impressive increase of 3.18%. Leading the charge, Iamgold Corp surged by 16.6%, with First Majestic Silver Corp escalating by 15.3%. Pan American Silver Corp and Fortuna Silver Mines also impressively advanced by 10.5% and 10.3%, respectively.
Additional noteworthy performers in the sector included Seabridge Gold, Silvercrest Metals, SSR Mining, MAG Silver Corp, and Triple Flag Precious Metals, each posting gains between 6% and 8.5%.
Hut 8 Corp experienced a significant 14.4% increase. Stocks such as Agnico Eagle Mines, Sprott, Wheaton Precious Metals, Franco-Nevada Corporation, Morguard Corporation, Cameco Corporation, Stantec, and Intact Financial Corporation also rose, posting gains between 1% and 5%.
Conversely, Ag Growth International, Bombardier Inc, and Quebecor Inc saw declines of over 4%. Tecsys Inc, Fairfax Financial Holdings, EQB Inc, Cogeco Inc, Boyd Group Services, Cogeco Communications, and Canadian Pacific Kansas City recorded losses ranging from 1.3% to 3%.
