Canadian stocks continued their upward trajectory on Thursday, following a slightly positive opening. This surge was largely driven by enthusiastic investor activity across various sectors after the government introduced a mini-stimulus package aimed at aiding households burdened by increased debt payments.
The announced government measures, estimated to cost the Canadian treasury approximately CAD 6.3 billion, include a temporary two-month sales-tax exemption on select goods and services. Additionally, the Liberal government plans to deliver a one-time, tax-free cash transfer of CAD 250 to individuals earning below CAD 150,000 annually.
The S&P/TSX Composite Index reached a new record high of 25,402.06 before closing the session with a gain of 354.22 points, or 1.41%, settling at 25,390.68.
Significant gains were seen across sectors such as technology, energy, materials, industrials, consumer discretionary, consumer staples, utilities, and financials.
Technology stocks experienced a notable rally, buoyed by positive investor responses to the earnings report from U.S. tech giant Nvidia.
Among the standout performers, Cameco Corporation (CCO.TO), Bombardier Inc (BBD.A.TO), Celestica Inc (CLS.TO), and Canadian Tire Corporation (CTC.TO) saw increases ranging from 4% to 6%.
Dayforce Inc (DAY.TO), Tourmaline Oil Corp (TOU.TO), AtkinsRealis Group (ATRL.TO), Magna International (MG.TO), Constellation Software (CSU.TO), Royal Bank of Canada (RY.TO), TFI International (TFII.TO), Shopify Inc (SHOP.TO), Metro Inc (MRU.TO), Stantec Inc (STN.TO), Canadian Pacific Kansas City (CP.TO), Canadian National Railway (CNR.TO), West Fraser Timber (WFG.TO), and Dollarama (DOL.TO) also recorded gains, rising between 2% and 3.7%.
Conversely, Real Matters Inc (REAL.TO) experienced a decline of 5.5%. The company announced consolidated revenue of $45.6 million for Q4, reflecting an 8% year-over-year increase.
Silvercorp Metals (SVM.TO) disclosed the pricing for its previously announced private offering, involving $130 million in aggregate principal of 4.75% convertible senior notes due 2029. The closure of this offering is anticipated around November 25, with the stock ending the day down by approximately 5.5%.
Several other stocks, including Hut 8 Corp (HUT.TO), Aya Gold & Silver (AYA.TO), Endeavour Mining (EDV.TO), Dye & Durham (DND.TO), Cogeco Inc (CGO.TO), Molson Coors Canada (TPX.B.TO), ATS Corporation (ATS.TO), and BCE Inc (BCE.TO), also closed notably lower.
Statistics Canada reported that industrial producer prices in the country increased by 1.2% on a month-over-month basis in October, rebounding from a revised 0.8% decline in September. Annually, producer prices rose by 1.1% in October following a revised 1% decrease in the previous month.
Meanwhile, the Raw Materials Price Index in Canada climbed 3.8% month-over-month in October, reversing a trend of two consecutive monthly declines. However, on a year-over-year basis, the index dropped 2.8%, marking the third straight annual decline.
