Toronto stocks climb record high after US economic data
Updated at 10:16 a.m. ET/ 1416 GMT
By Nikhil Sharma
Oct 17 (Reuters) -Canada's main stock index hit a record high on Thursday due to gains in financial and commodity stocks, and following Wall Street's rally spurred by U.S. retail sales data.
The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was up 102.11 points, or 0.42%, at 24,663.31 and was set to extend its record closing streak from Wednesday.
Eight sectors logged gains, with the energy sector .SPTTEN up 0.73% on higher oil prices, and the materials .GSPTTMT rose 0.60% in tandem with higher gold prices. O/R GOL/
The financials .SPTTFS, the most heavily weighted TSX sector, gained 0.68% following an over 1% rise in Brookfield Corporation BN.TO and Trisura Group TSU.TO.
"The mostly upbeat earnings reports we've seen from U.S. banks has helped support Canadian financials", along with expectations of an aggressive interest rate cut in Canada, said Douglas Porter, chief economist at BMO Capital Markets.
One of the key factors in overall gains was the positive sentiment from Wall Street, where the benchmark S&P 500 .SPX hit an intraday record high after U.S. economic data and an upbeat forecast from TSMC. .N
Retail sales rose more than expected in September, pointing to resilient consumer financial health, while U.S. weekly jobless claims unexpectedly fell at 241,000 for the week ended Oct. 12, compared with an estimate of 260,000.
"You have an economy that remains on solid footing, corporate profits on the rise, and central banks letting off the brakes," said Angelo Kourkafas, investment strategist at Edward Jones Investments.
"And all of that adds to the soft-landing optimism that has fueled the market gains so far here to date."
The U.S. Federal Reserve has already cut rates by 50 basis points last month and traders widely expect a quarter-point cut at the Nov. 7 meeting. 0#FEDWATCH
Among individual stocks, BRP DOO.TO fell 1.3% after the Canadian manufacturer of power products initiated a process to sell its marine businesses.
Reporting by Nikhil Sharma in Bengaluru; Editing by Vijay Kishore
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