The Canadian market climbed to a new record high on Friday, rising for a third straight day, thanks to strong gains in materials stocks as metal prices surged to record highs. Continued optimism about interest rate cuts by the Bank of Canada also aided sentiment.
The benchmark S&P/TSX Composite Index, which marched to a new intra-day high at 24,850.15, settled with a gain of 132.06 points or 0.53% at 24,822.54, a new closing high. The index gained nearly 1.5% in the week.
The Materials Capped Index climbed 3.18%. Iamgold Corp (IMG.TO), the biggest gainer in the section, soared 16.6%. First Majestic Silver Corp (AG.TO) zoomed 15.3%, while Pan American Silver Corp (PAAS.TO) and Fortuna Silver Mines (FVI.TO) gained 10.5% and 10.3%, respectively.
Seabridge Gold (SEA.TO), Silvercrest Metals (SIL.TO), Ssr Mining (SSRM.TO), MAG Silver Corp (MAG.TO) and Triple Flag Precious Metals (TFPM.TO) gained 6 to 8.5%.
Hut 8 Corp (HUT.TO) surged 14.4%. Agnico Eagle Mines (AEM.TO), Sprott (SII.TO), Wheaton Precious Metals (WPM.TO), Franco-Nevada Corporation (FNV.TO), Morguard Corporation (MRC.TO), Cameco Corporation (CCO.TO), Stantec (STN.TO) and Intact Financial Corporation (IFC.TO) gained 1 to 5%.
Ag Growth International (AFN.TO), Bombardier Inc (BBD.B.TO) and Quebecor Inc (QBR.TO) lost more than 4%. Tecsys Inc (TCS.TO), Fairfax Financial Holdings (FFH.TO), EQB Inc (EQB.TO), Cogeco Inc (CCO.TO), Boyd Group Services (BYD.TO), Cogeco Communications (CCA.TO) and Canadian Pacific Kansas City (CP.TO) closed down 1.3 to 3%.