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TSX ends up 0.6% at 24,224.90
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Eclipses Friday's record closing high
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Technology climbs 1.7%
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All ten major sectors notch gains
(Updates at market close)
By Nikhil Sharma and Fergal Smith
Oct 9 (Reuters) - Canada's main stock index rose to a
record high on Wednesday, led by gains for technology and
consumer discretionary stocks, as investors grew optimistic that
U.S. inflation data could support additional interest rate cuts
by the Federal Reserve.
The Toronto Stock Exchange's S&P/TSX composite index
ended up 152.39, or 0.6%, at 24,224.90, moving past
the record closing high it posted on Friday.
U.S. consumer price index data, due on Thursday, is expected
to show inflation cooling to 2.3% in September.
"I think people are sort of cautiously optimistic that the
inflation number may come in at a benign level, continuing on
the trend of (policy) easing," said Brian Madden, chief
investment officer at First Avenue Investment Counsel.
Minutes from the Fed's September meeting showed a
"substantial majority" of officials supported an outsized
half-percentage-point interest rate cut.
The Toronto market's technology sector climbed 1.7%, helped
by a gain of 4.7% for the shares of electronic equipment company
Celestica Inc ( CLS ) after TD Cowen raised its target price on
the stock.
Consumer discretionary added 1% and industrials ended 0.9%
higher. All ten major sectors notched gains.
Among the biggest gainers was Bird Construction Inc ( BIRDF )
, which jumped 11.9% after the company announced a
dividend increase and released financial targets.
In contrast, shares of Alimentation Couche-Tard ( ANCTF )
fell 0.8% after the convenience store operator made a revised
bid for Japan's Seven & i Holdings ( SVNDF ).