TSX Posts New Intraday, Closing Highs

(RTTNews) - The Canadian market recorded new intraday and closing highs on Wednesday thanks to strong gains in utilities, healthcare and financial sectors. The mood was positive on expectations of a larger interest rate cut by the Bank of Canada next week.

The benchmark S&P/TSX Composite Index, which climbed to a high of 24,603.11, settled at 24,561.20 with a gain of 122.12 points or 0.5%.

The Utilities Capped Index climbed 2.19%. Brookfield Renewable Partners (BEP.UN.TO) soared 9.6%. Brookfield Infra Partners (BIP.UN.TO), Innergex Renewable Energy (INE.TO) and Boralex Inc (BLX.TO) gained 3.8 to 4.6%. Northland Power (NPI.TO) and TransAlta Corp (TA.TO) both gained nearly 2.5%.

Healthcare stocks Chartwell Retirement Residences (CSH.UN.TO) and Sienna Senior Living (SIA.TO) gained about 2% and 1.2%, respectively. Bausch Health Companies (BHC.TO) ended 0.8% up.

In the financials sector, Sprott Inc (SII.TO), Brookfield Asset (BAM.TO) and CI Financial Corp (CIX.TO) gained 3.8%, 3% and 2.7%, respectively. Brookfield Corp (BN.TO), Laurentian Bank (LB.TO), Canadian Imperial Bank of Commerce (CM.TO), Bank of Nova Scotia (BNS.TO), goeasy (GSY.TO) and Royal Bank of Canada (RY.TO) advanced 1 to 2%.

Materials stocks Iamgold Corp (IMG.TO), Lundin Mining (LUN.TO), Ivanhoe Mines (IVN.TO), Hudbay Minerals (HBM.TO), First Quantum Minerals (FM.TO) and Capstone Mining (CS.TO) gained 2 to 3.1%.

Lithium Americas Corp (LAC.TO) shares soared nearly 23% after the company said that it will form a joint venture with General Motors Holdings to focus on advancing the Thacker Pass project in Nevada.

Corus Entertainment (CJR.B.TO) announced late Tuesday that it is continuing to negotiate with RBC Capital Markets, TD Securities and other members of the bank group as the company seeks an amendment to its credit agreement so as to strengthen its balance sheet and manage liabilities.

In economic news, data from Canada Mortgage & Housing Corporation said housing starts in Canada increased by 5% over a month to 223,808 units in September.

Data from Statistics Canada showed manufacturing sales in Canada decreased by 1.3% month-over-month in August, following a downwardly revised 1.1% rise in July.

Another data from Statistics Canada said car registrations in Canada decreased to 168,620 units in August from 169,327 units in July.