The Canadian stock market achieved another record high on Friday, buoyed by advancements in the technology, industrials, and materials sectors. Investor optimism about potential further interest rate cuts by the central bank contributed to this upward movement. However, gains were somewhat tempered by data indicating a deceleration in Canada's GDP growth during the third quarter.
The benchmark S&P/TSX Composite Index, which reached 25,650.60, is now positioned at 25,612.89, marking an increase of 69.37 points or 0.27% shortly after midday.
According to Statistics Canada, the nation's GDP grew by 0.3% in the three months leading up to September 2024, a slowdown from the 0.5% expansion observed in the first half of the year. On an annualized basis, the economy expanded by 1% in the third quarter, following an upwardly revised growth of 2.2% in the preceding quarter.
Additionally, a report by the Canadian Federation of Independent Business highlighted an increase in small business confidence, which rose to 59.70 points in November from 55.80 points in October 2024. It's noteworthy that small business sentiment in Canada peaked at 74.07 points in April 2002, and hit a historic low of 30.84 points in March 2020.
On the stocks front, Telesat Corporation (TSAT.TO) surged nearly 12%, while Hut 8 Corp (HUT.TO) climbed 5%, Cogeco Communications (CCA.TO) gained 3.2%, and Cogeco Inc (CGO.TO) advanced by 2.3%.
Other notable performers included Shopify Inc (SHOP.TO), Kinaxis Inc (KXS.TO), Ag Growth International (AFN.TO), Senvest Capital (SEC.TO), Cameco Corporation (CCO.TO), Bombardier Inc (BBD.B.TO), AtkinsRealis (ATRL.TO), Canadian Pacific Kansas City (CP.TO), and BRP Inc (DOO.TO), all advancing between 1% and 2.2%.
Conversely, Morguard Corporation (MRC.TO), Brookfield Renewable Corporation (BEPC.TO), and BCE Inc (BCE.TO) were among the stocks showing notable declines.
