The Canadian stock market achieved a new record high at the close on Wednesday, fueled by robust activity in the technology sector. While energy stocks saw some positive momentum, shares in the materials sector experienced a downward trend.
Investor sentiment was bolstered by the anticipation of further interest rate cuts by the Federal Reserve.
According to the Labor Department, the consumer price index edged up by 0.2% in October. Additionally, the report indicated that the annual consumer price growth rate increased to 2.6%, up from 2.4% the previous month. Meanwhile, the core consumer price growth rate remained steady at 3.3%, aligning with projections.
The S&P/TSX Composite Index ended the session with an increase of 66.01 points, or 0.26%, closing at 24,989.02. Throughout the day, the index fluctuated, hitting a low of 24,860.56 and a high of 25,002.96.
CAE Inc (CAE.TO) saw a significant rise of 12%. Other notable gainers included Shopify Inc (SHOP.TO), Tecsys Inc (TCS.TO), Hammond Power Solutions (HPS.A.TO), Hut 8 Corp (HUT.TO), ATS Corporation (ATS.TO), and Molson Coors Canada (TPX.B.TO), which advanced between 3% to 6%.
Suncor Energy (SU.TO) experienced a robust climb of over 4%, following the release of stronger-than-expected quarterly earnings.
Companies such as Boyd Group Services (BYD.TO), Premium Brands Holdings Corporation (PBH.TO), Constellation Software (CSU.TO), Alimentation Couche-Tard (ATD.TO), Kinaxis Inc (KXS.TO), TFI International (TFII.TO), and Descartes Systems Group (DSG.TO) registered gains ranging from 1% to 2.3%.
In contrast, Finning International (FTT.TO) plunged by 9.1%. Power Corporation of Canada (POW.TO), Bombardier Inc (BBD.B.TO), George Weston (WN.TO), Teck Resources (TECK.B.TO), Rogers Communications (RCI.A.TO), and Cameco Corporation (CCO.TO) declined by 2% to 4%.
Loblaw Companies Ltd. (L.TO) saw its shares decline by 2.4%. The company announced adjusted net earnings of $767 million for the third quarter, marking an increase of $48 million or 6.7% compared to the previous year.
Maple Leaf Foods Inc. (MFI.TO) dropped by over 5%. The company reported third-quarter 2024 earnings of $18 million ($0.14 per basic share), compared to a loss of $4 million ($0.04 loss per basic share) in the corresponding period last year.
