TSX Scales New Record High; Materials, Financials Stocks Among Top Gainers

(RTTNews) - Canada's S&P/TSX Composite Index surged to a new record high on Wednesday with stocks from materials, financials, consumer staples and industrials sectors turning in a strong performance.

The mood in the market is quite bullish amid hopes the government shutdown in the U.S. will come to end soon. There are also expectations that the Federal Reserve will lower interest rate at its next policy meeting.

The S&P/TSX Composite Index was up 286.53 points or 1.27% at 30,795.78, slightly off a new record high of 30,818.52 touched earlier in the session.

The Materials Capped Index is up 3.6% as several stocks from the sector are rising sharply thanks to firm metal prices. Orla Mining, up 12.2%, tops the list of gainers in the index. Discovery Silver Corp is up 7.8%, while Iamgold Corp., Endeavour Silver Corp, Ccl Industries, First Majestic Silver Corp, Oceanagold, Lundin Gold, Aya Gold & Silver and Equinox Gold are gaining 5 to 6%.

Power Corporation of Canada, IA Financial, Great-West Lifeco, Manulife Financial, Intact Financial, Sun Life Financial, Fairfax Financial and Igm Financial are up 1.5 to 2.4%.

Among industrials, Boyd Group Services and Bombardier are up 6.3% and 6.1%, respectively. Cargojet, Finning International, Richelieu Hardware, Exchange Income Corp., Brookfield Business Partners, Air Canada and Tfi International are gaining 2 to 5%.

Consumer staples stock Loblaw is gaining about 3%. reported earnings per share of $0.69 in the third quarter, compared to $2.50 per share in the year-ago quarter. The company raised its adjusted earnings per share growth guidance for the full-year 2025, based on its year to date operating and financial performance and momentum exiting the third quarter.

George Weston and Metro are up 3.5% and 2.5%, respectively. Empire Company, The North West Company, Canada Packers, Jamieson Wellness and Alimentation Couche-Tard are up 1.2 to 2.2%.

Data from Statistics Canada showed building permits in Canada increased to 4.5% in September, from -4% in August.