FX.co ★ Canadian Market Climbs To New Record High

The Canadian market surged to a new record high on Wednesday, with stocks across various sectors showing robust gains amid heightened expectations of a potential interest rate cut by the Federal Reserve in September.

The benchmark S&P/TSX Composite Index rose by 288.65 points, or 1.26%, closing at 23,113.34.

Dayforce Inc. (DAY.TO) saw a significant rise of nearly 12%, despite reporting a net loss of $1.8 million for the second quarter of the current fiscal year, compared to a net income of $3.1 million in the same period last year.

CGI Inc. (GIB.A.TO) increased by more than 4.5% after announcing third-quarter net earnings of $440.1 million, representing a 6.1% year-over-year growth.

Celestica Inc. (CLS.TO) advanced by 6.3%, Precision Drilling Corporation (PD.TO) climbed 5.8%, while Teck Resources (TECK.A.TO) and Shopify Inc. (SHOP.TO) appreciated by 4% and 3%, respectively.

Notable gains were also observed in Intact Financial Corporation (IFC.TO), Constellation Software (CSU.TO), TFI International (TFII.TO), Kinaxis Inc. (KXS.TO), goeasy (GSY.TO), Boyd Group Services (BYD.TO), Fairfax Financial Holdings (FFH.TO), and George Weston (WN.TO), all up between 1.2% and 2.6%.

Conversely, Spin Master Corp. (TOY.TO) declined by 5.2% following a report of a second-quarter loss. Allied Properties Real Estate (AP.UN.TO) dropped by 4.7%, and Stella-Jones Inc. (SJ.TO) decreased by 1.7%.

Fortis Inc. (FTS.TO) gained around 1.3% after reporting second-quarter net earnings of $331 million, or $0.67 per common share, compared to $294 million, or $0.61 per common share, in the same quarter last year.

Endeavour Mining Inc. (EDV.TO) reported a net loss of $60 million for the second quarter, a figure that increased from the $20 million net loss recorded in the previous year’s corresponding period. Consequently, the stock dropped nearly 4%.

Statistics Canada revealed that Canada’s GDP remained steady at 0.1% in June.