Canadian stocks hit a new record high on Thursday as the Federal Reserve’s larger-than-expected rate cut fueled optimism about economic growth. This optimism, along with the ongoing bullish momentum in commodity prices across the board, drove the S&P/TSX Composite Index up by 274 points, or 1.2%, to 23,866.
Although utility stocks faced selling pressure, solid gains in most other key sectors, including technology, mining, consumer cyclicals, and financials, took the TSX benchmark to new heights as investors expect the Fed’s decision to boost corporate earnings and economic activity.
Top TSX Composite movers and active stocks
Ivanhoe Mines, Celestica, Lundin Mining, Energy Fuels, and ATS were the top-performing TSX stocks for the day, with each surging by at least 5%.
Shares of EQB (TSX: EQB) also climbed by 2.9% to $102.20 per share, extending its year-to-date gains to over 17%. EQB stock rallied after the Toronto-headquartered financial services firm launched the beta version of its business account, offering a high-interest, no-fee banking solution tailored for Canadian small business owners.
The new EQB business account offers unlimited free transactions, a competitive 2.5% interest rate on all balances, no minimum balance requirements, and access to EQ Bank Business Global Industry Classification Standard. While the business account is currently available to existing EQ Bank customers, it will roll out to all Canadian business owners in the coming months.
In contrast, Hydro One, TC Energy, Wesdome Gold Mines, and AltaGas slipped by more than 2% each, making them the day’s bottom performers on the Toronto Stock Exchange.
Based on their daily trade volume, TD Bank, Canadian Natural Resources, TC Energy, Scotiabank, and Canadian Imperial Bank of Commerce were the five most active stocks on the exchange.
TSX today
Gold spot prices rallied to a fresh all-time high early Friday morning, which could lift TSX mining stocks at the open today.
On the economic events side, Canadian investors may want to keep an eye on the monthly retail sales numbers and Bank of Canada governor Tiff Macklem’s speech this morning, which could give further direction to stocks. Overall, market sentiments remain bullish, with rising commodity prices and the recent rate cut in the U.S. providing further momentum for Canadian stocks.
Market movers on the TSX today
