TSX Climbs To Fresh Record High, Ends On Firm Note
(RTTNews) - The Canadian market climbed to a record high on Tuesday as firm gold prices triggered hectic buying in the materials sector, even as investors awaited the Bank of Canada's monetary policy announcement.
Real estate and communications shares found good support, while healthcare stocks lost ground.
The benchmark S&P/TSX Composite Index, which climbed to 22,380.16 in early trades, dropped to 22,168.64 around mid morning but recovered gradually to eventually to end the day's session at 22,361.78 with a gain of 101.48 points or 0.46%.
The Bank of Canada, which is scheduled to announce its monetary policy decision on Wednesday, is widely expected to leave interest rates unchanged.
The Materials Capped Index surged about 2.1%. Hudbay Minerals (HBM.TO) and Pan American Silver Corp (PAAS.TO) gained about 7% and 6.6%, respectively. New Gold Inc (NGD.TO), First Quantum Minerals (FM.TO), Ssr Mining (SSRM.TO), Teck Resources (TECK.B.TO), Sandstorm Gold (SSL.TO), Silvercrest Metals (SIL.TO) and Ero Copper (ERO.TO) climbed 4 to 5%.
Real estate stocks Northwest Healthcare (NWH.UN.TO), Allied Properties Real Estate (AP.UN.TO), H&R Real Estate (HR.UN.TO), CDN Apartment (CAR.UN.TO) and Riocan Real Estate (REI.UN.TO) posted strong gains.
Communications shares Cogeco Communications (CCA.TO), Rogers Communications (RCI.B.TO), BCE Inc (BCE.TO) and Telus Corp (T.TO) gained 1.1 to 2.1%. Quebecor Inc (QBR.B.TO) gained about 0.8%.
In the healthcare sector, Tilray Brands (TLRY.TO) plunged 20.3% on weak results. Bausch Health Companies (BHC.TO) settled lower by 4.8%.
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