On Thursday, the Canadian market soared to an unprecedented high, driven primarily by outstanding performance in the materials sector amid rising metal prices. Additional gains were seen across utilities, industrials, consumer staples, and energy sectors.A diminished anxiety over U.S. inflation and growing speculation of potential interest rate reductions by the Federal Reserve fueled the market’s ascent.The benchmark S&P/TSX Composite Index closed with a significant increase of 263.97 points, or 1.14%, setting a new record at 23,475.14, with an intra-day peak of 23,483.11.The Materials Capped Index surged by 4.14%. Within this sector, B2Gold Corp (BTO.TO) experienced a nearly 13% rise, while First Majestic Silver Corp (AG.TO) and Novagold (ND.TO) jumped approximately 12% and 10.35%, respectively. Aya Gold & Silver (AYA.TO), Equinox Gold Corp (EQX.TO), SSR Mining (SSRM.TO), Fortuna Silver Mines (FVI.TO), Silvercrest Metals (SIL.TO), MAG Silver Corp (MAG.TO), New Gold (NGD.TO), Ivanhoe Mines (IVN.TO), and Iamgold Corp (IMG.TO) all saw increases between 8% and 10%.In the utilities sector, Boralex Inc (BLX.TO), Brookfield Infrastructure Partners (BIP.UN.TO), Brookfield Renewable Partners (BEP.UN.TO), Emera Incorporated (EMA.TO), Northland Power (NPI.TO), and Innergex Renewable Energy (INE.TO) advanced by 2.7% to 4.2%.Among industrials, Finning International (FTT.TO), Bombardier Inc (BBD.B.TO), Canadian National Railway (CNR.TO), and Cargojet (CJT.TO) posted gains of 2.3% to 4%. NFI Group (NFI.TO), Air Canada (AC.TO), MDA Ltd (MDA.TO), SNC-Lavalin Group (ATRL.TO), Mullen Group (MTL.TO), and CAE Inc (CAE.TO) also recorded notable advances.The consumer staples sector saw Empire Company (EMP.A.TO) climb 5.6%. The company reported net earnings of $207.8 million ($0.86 per share) for Q1 ending August 3, 2024, compared to $261.0 million ($1.03 per share) the previous year. Adjusted net earnings for the quarter were $218.7 million ($0.90 per share), up from $196.2 million ($0.78 per share) last year.Other significant gains in consumer staples were observed in Premium Brands Holdings Corp (PBH.TO), Jamieson Wellness (JWEL.TO), Loblaw (L.TO), Primo Water (PRMW.TO), and George Weston (WN.TO), which rose by 1.5% to 3%.Energy stocks, including Paramount Resources (POU.TO), Advantage Oil & Gas (AAV.TO), Tamarack Valley Energy (TVE.TO), Kelt Exploration (KELT.TO), Birchcliff Energy (BIR.TO), and Baytex Energy (BTE.TO), increased by 2% to 3%.Economic data from the U.S. Labor Department revealed that the producer price index for final demand inched up by 0.2% in August, while revised data indicated prices remained static in July. Economists had anticipated a 0.1% increase, in line with the originally reported uptick for the previous month.In Canadian economic news, Statistics Canada reported that the total value of building permits surged by 22.1% month-over-month to $12.39 billion in July, rebounding from an upwardly revised 13% decline in the previous month.The material has been provided by InstaForex Company – www.instaforex.com
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