CANADA STOCKS-Toronto market nears record high as investors cheer corporate earnings

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* TSX closed 201.47 points or 0.98% higher at 20,819.94

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* Energy Group grew 2.2%; Oil up 1.1%

* Aritzia Inc jumped 17.2%

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* Canada factory sales up 0.5% in August

TORONTO, Oct 14 (Businesshala) – Canada’s main stock index rose for a seventh day on Thursday, hitting its record high, fueled by higher-than-expected corporate earnings and strong economic data as well as higher oil prices. .

The Toronto Stock Exchange’s S&P/TSX Composite Index closed 201.47 points, or 0.98%, up at 20,819.94. It was the seventh consecutive session that the longest-running index closed higher since March.

On September 3, the index touched a record high of 20,821.43.

“This is based primarily on better-than-expected corporate earnings and economic data, which outweighed fears about inflation and supply chain disruptions,” said Stan Wong, director of wealth management and portfolio manager at Scotia Wealth Management.

Canadian factory sales rose 0.5% in July to August as the economy recovers after a surprise contraction in the second quarter, while the number of Americans filing new claims for unemployment benefits last week fell to near a 19-month low .

Wall Street also closed with strong gains.

TSX broke a seven-month winning streak in September, but the fourth quarter has historically been a favorable period for the market. The index has gained 3.7 per cent so far this month.

“I look at seasonal trends and they look favorable at this point,” Wong said.

The energy group rose 2.2% on the back of higher oil prices. US crude futures closed 1.1% higher at $81.31 a barrel after top producer Saudi Arabia rejected calls for additional OPEC+ supplies.

The heavily weighted financial services sector rose 0.9%, while consumer discretionary stocks ended 1.6% higher.

Fashion retailer Aritzia Inc. was the biggest percentage gainer on the TSX, beating estimates for its quarterly results, jumping 17.2%.

Canopy Growth Corp. rose 2.5% after it said it would buy weed gummies maker Vanna Brands for $297.5 million. (Reporting by Fergal Smith; Additional reporting by Ritika Krishna in Bengaluru; Editing by Peter Cooney)


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