(updates price, adds analyst comment)
Nov 11 (Businesshala) – Canada’s main stock index rose to a record high on Thursday as stronger gold prices buoyed miners, with gains in pot producers boosting sentiment further. At 9:46 a.m. ET (14:46 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 134.37 points, or 0.63%, at 21,596.3, after hitting a record high of 21,602.12 at open.
The materials index, which includes precious and base metal miners and fertilizer companies, added 2.1% and was set for its seventh straight session of gains.
Spot gold rallied to a multi-month high as investors sought cover from rising inflation.
“You have paper currency weakening and inflation rising; Colin Czynski, chief market strategist at SIA Wealth Management, said a rally seen in gold and silver fueled the rally, and with many stocks in the TSX index that are precious metal miners, a rise in metals (prices) would have helped the sentiment. Is.
After five straight sessions of gains, benchmark indices eased in the previous session as a large jump in US inflation also gave rise to expectations that central banks may raise interest rates more quickly to quell the spike in prices.
Healthcare shares rose 1.96%, as pot producers Canopy Growth Corp., Aurora Cannabis Inc. and Tilray Inc. all jumped nearly 2%.
Investors also took stock of downbeat earnings from retailer Canadian Tire Corp Ltd., which missed market expectations for quarterly profit and revenue, sending shares down 4.9%.
Shares of CAE Inc. fell 6.2% after the aviation training specialist reported lower-than-expected quarterly revenue and profit as deliveries of its flight simulators to airlines fell.
TSX posted 12 new 52-week highs and no new lows.
All Canadian issues had 50 new 52-week highs and six new lows with a total volume of 48.62 million shares.