FX.co ★ TSX Records New Closing High; Technology, Energy Stocks Move Up

The Canadian stock market reached new record highs during both the intraday and closing sessions on Friday, boosted by the strong performances in the technology and energy sectors. The positive momentum was further supported by favorable employment data from the U.S. and a robust reading of the Ivey Purchasing Managers Index in Canada.

The S&P/TSX Composite Index surged to a peak of 24,179.28 before closing at 24,162.83, marking a gain of 194.33 points or 0.81%. Over the past week, the index increased approximately by 0.45%.

Within the technology sector, the Information Technology Capped Index rose by 2.04%. Notably, Quarterhill saw an impressive uptick of over 8%, while Shopify Inc. and Celestica Inc. advanced by 5.6% and 4.75% respectively. Other notable gainers included Computer Modelling, Dye & Durham, BlackBerry, Bitfarms, Tecsys, Descartes Systems Group, and Kinaxis Inc., all posting gains ranging from 1.2% to 3%.

In the energy sector, Tamarack Valley Energy enjoyed a significant rise of 4.5%. Additional advancements were observed in Cenovus Energy, Arc Resources, Tourmaline Oil Corp, Mattr Corp, and Parex Resources, with increases between 2% and 2.7%.

Cameco Corporation, Bombardier Inc., RB Global Inc., Royal Bank of Canada, Fairfax Financial Holdings, Boyd Group Services, and Constellation Software also ended the trading session on a positive note.

SilverCrest Metals experienced a remarkable ascent of nearly 10%. On Friday, Coeur Mining, Inc. and SilverCrest Metals Inc. entered into a definitive agreement wherein Coeur's subsidiary will acquire all outstanding shares of SilverCrest through a court-approved plan of arrangement.

Conversely, Morguard Corporation, Calian Group, Thomson Reuters, West Fraser Timber, Agnico Eagle Mines, George Weston, and Loblaw Companies faced significant declines.

The Ivey Purchasing Managers Index for Canada notably increased to 53.1 in September 2024, rebounding from an over 3-1/2-year low of 48.2 in August and surpassing market expectations of 50.2. This upturn reflects a robust expansion in Canadian economic activity, facilitated by a decrease in the price index to its lowest in six months (58.2, down from 63.4 in August).

In the United States, the Labor Department reported a jump in non-farm payroll employment, which rose by 254,000 in September, following an upwardly revised increase of 159,000 in August. Economists had anticipated a rise of 140,000 jobs, as opposed to the previously reported 142,000.

Furthermore, the unemployment rate edged down to 4.1% in September from August's 4.2%, defying economists' expectations of stability at 4.2%.