The Canadian stock market marked a record high for the third straight day, driven by significant gains in technology stocks due to strong buying interest observed on Friday. Among the top performers were also stocks in the communications, industrials, and consumer discretionary sectors.
Investor sentiment remained buoyant, bolstered by anticipation of additional monetary easing by the central bank. However, reports indicating a slowdown in Canadian GDP growth slightly restrained the market's upward movement.
The S&P/TSX Composite Index climbed to a peak of 25,694.45 before closing at 25,648.00, marking an increase of 104.48 points or 0.41%. Over the week, the index reported approximately a 0.8% gain.
According to Statistics Canada, the nation's GDP grew by 0.3% in the third quarter of 2024 compared to the previous quarter. This represented a deceleration from the 0.5% growth observed in the first two quarters of the year. Annually, the economy expanded by 1% in the third quarter, following a revised 2.2% surge in the second quarter.
Additionally, the Canadian Federation of Independent Business reported that small business sentiment in Canada rose to 59.70 points in November from October's 55.80 points. Historically, small business sentiment peaked at 74.07 points in April 2002, with the lowest on record being 30.84 points in March 2020.
Notable stock movements included a 6.7% rally by Atco Ltd. (ACO.Y.TO) and a 6% gain by Telesat Corporation (TSAT.TO). Cogeco Communications (CCA.TO) ended 4.7% higher, while Quebecor (QBR.A.TO) and Hut 8 Corp (HUT.TO) saw increases of 3.8% and 3.3%, respectively.
Elsewhere, Cogeco Inc (CGO.TO) advanced by approximately 3.1%. Other stocks showing upward trends included Ag Growth Corporation (AFN.TO), Kinaxis Inc (KXS.TO), Bombardier Inc (BBD.B.TO), Shopify Inc (SHOP.TO), Cameco Corporation (CCO.TO), Aritzia Inc (ATZ.TO), AtkinsRealis (ATRL.TO), TFI International (TFII.TO), Magna International (MG.TO), Celestica Inc (CLS.TO), Precision Drilling Corporation (PD.TO), and Cargojet (CJT.TO), each ending the day with gains ranging from 1% to 2.5%.
Conversely, Morguard Corporation (MRC.TO), Rogers Communications (RCI.A.TO), Maple Leaf Foods (MFI.TO), Parkland Corporation (PKI.TO), and Metro Inc (MRU.TO) emerged as key decliners in the day's trading.
