FX.co ★ TSX Posts New Intraday, Closing Highs

The Canadian market achieved unprecedented intraday and closing highs on Wednesday, spurred by significant gains in the utilities, healthcare, and financial sectors. Investors were buoyed by the anticipation of a substantial interest rate reduction by the Bank of Canada in the coming week.

The S&P/TSX Composite Index reached a peak of 24,603.11, closing at 24,561.20, marking an increase of 122.12 points or 0.5%.

The Utilities Capped Index experienced a notable rise of 2.19%. Noteworthy performers included Brookfield Renewable Partners, which surged 9.6%, and other sector players like Brookfield Infrastructure Partners, Innergex Renewable Energy, and Boralex Inc, all accruing gains between 3.8% and 4.6%. Northland Power and TransAlta Corp also reported increases of nearly 2.5%.

In the healthcare segment, Chartwell Retirement Residences and Sienna Senior Living saw respective increases of about 2% and 1.2%, while Bausch Health Companies closed 0.8% higher.

The financial sector witnessed Sprott Inc rising by 3.8%, alongside Brookfield Asset and CI Financial Corp, which appreciated 3% and 2.7%, respectively. Brookfield Corp, Laurentian Bank, Canadian Imperial Bank of Commerce, Bank of Nova Scotia, goeasy, and Royal Bank of Canada each gained between 1% and 2%.

Within the materials sector, Iamgold Corp, Lundin Mining, Ivanhoe Mines, Hudbay Minerals, First Quantum Minerals, and Capstone Mining advanced by 2% to 3.1%.

A significant movement was observed with Lithium Americas Corp, whose shares soared nearly 23% following the announcement of a strategic joint venture with General Motors Holdings, aimed at progressing the Thacker Pass project in Nevada.

Corus Entertainment revealed ongoing negotiations with RBC Capital Markets, TD Securities, and other banking partners to amend its credit agreement, thereby aiming to fortify its financial position and manage liabilities effectively.

In economic developments, data from the Canada Mortgage & Housing Corporation indicated a 5% month-over-month increase in housing starts, reaching 223,808 units in September. Meanwhile, Statistics Canada reported a 1.3% decline in manufacturing sales for August, following an adjusted 1.1% rise in July. Additionally, car registrations in Canada decreased to 168,620 units in August, down from 169,327 units in July.