On Thursday, the Canadian market reached a new record high bolstered by advancing stocks in the materials and energy sectors, driven by robust commodity prices. The European Central Bank's recent interest rate cut, alongside anticipated rate cuts by the Federal Reserve and the Bank of Canada, further elevated market sentiment.
Contributing to the positive market atmosphere were unexpected growth in U.S. retail sales and a decrease in U.S. jobless claims.
The benchmark S&P/TSX Composite Index soared to 24,561.20 and concluded the day with an increase of 129.28 points, or 0.53%, at a close of 24,690.48.
Several stocks saw notable gains: Onex Corporation (ONEX.TO) rose by approximately 3.6%, while GFL Environmental (GFL.TO), RB Global (RBA.TO), Cameco Corporation (CCO.TO), Imperial Oil (IMO.TO), Boyd Group Services (BYD.TO), Franco-Nevada Corporation (FNV.TO), and Senvest Capital (SEC.TO) climbed between 1.5% to 3%.
In addition, CGI Inc (GIB.A.TO), Descartes Systems Group (DSG.TO), Intact Financial Corporation (IFC.TO), and Fairfax Financial Holdings (FFH.TO) ended the session with significant gains.
Conversely, Ag Growth International (AFN.TO), Ero Copper (ERO.TO), Brookfield Business Corporation (BBUC.TO), TFI International (TFII.TO), Restaurant Brands International (QSR.TO), and Stella-Jones (SJ.TO) experienced declines ranging from 1% to 3.2%.
Canopy Growth Corporation (WEED.TO) announced today the early prepayment of its senior secured term loan, amounting to $100 million at a reduced price of $97.5 million. This move is expected to cut its annualized interest expenses by approximately $14 million. As a result, the stock rose by 1.7%.
BRP Inc. (DOO.TO) recorded a gain of about 0.7% after announcing plans to divest its Marine businesses, including Alumacraft, Manitou, Telwater, and associated marine parts, accessories, and apparel. Notably, this sale process does not include the company's Sea-Doo personal watercraft, Sea-Doo Switch pontoons, and jet propulsion systems.
