TSX Continues Record Setting Spree, Rises Past 24k Mark

(RTTNews) - The Canadian benchmark S&P/TSX Composite Index moved past the 24,000 mark for the first ever time on Tuesday, as the market continued its record setting run amid hopes central banks will ease their monetary policies further to spur growth.

The S&P/TSX climbed to 24,011.19 early on in the session, ended with a gain of 57.51 points or 0.24% at 23,952.22.

Materials and energy stocks climbed higher on firm commodity prices.

Pollard Banknote (BPL.TO) rallied more than 10%. Morguard Corporation (MRC.TO) and Brookfield Business Corporation (BBUC.TO) climbed 6.1% and 5.2%, respectively. Teck Resources (TECK.A.TO) ended 4.2% up.

Toromont Industries (TIH.TO), Cargojet (CJT.TO) and Boyd Group Services (BYD.TO) gained 1 to 1.5%.

AGF Management (AGF.B.TO) gained about 1%. The company announced that it has partnered with Archer to help expand its separately managed accounts (SMA) model business. AGF will leverage the technology capabilities and infrastructure of Archer, a leading technology-enabled service provider to the investment management industry.

Kinaxis Inc (KXS.TO) and Bausch + Lomb Corporation (BLCO.TO) ended down 3.3% and 3.1%, respectively. Goeasy (GSY.TO), Alimentation Couche-Tard (ATD.TO), Fairfax Financial Holdings (FFH.TO), Descartes Systems Group (DSG.TO) and Waste Communications (WCN.TO) closed lower by 1 to 1.7%.

On the economic front, data released by Statistics Canada showed manufacturing sales in Canada decreased to -1.5% in August from 1.4% in July.

China's central bank unveiled its biggest stimulus since the pandemic to support the economy and counter a prolonged downturn in the property sector.

The central bank said it would lower borrowing costs and inject more liquidity into the system that would free up more money for lending. Regulators also unveiled plans to support stable development of the stock market.