The TSX closed 0.4% higher at 25,648.00
Highest monthly profit recorded in a year
Canada’s economy grew 1% in the third quarter
Technology sector grew 1%
November 29 – Canada’s main stock index extended its gains in November on Friday, hitting a new record high, boosted by technology and industrial stocks as investors sought more clarity about the economic outlook following the U.S. election outcome. Welcomed.
The S&P/TSX composite index rose 104.48 points, or 0.4%, to close at 25,648.00, surpassing the record closing high posted on Thursday. For the month, it was up 6.2%, its fifth consecutive monthly gain and its biggest gain since November last year.
“We’ve hit that wall of concern,” said Greg Taylor, portfolio manager at Purpose Investments.
“There was a lot of jitters around the election and now at least we’ve got more clarity about what’s going on. We’re more confident that there’s going to be some more growth aspects in the US and that’s going to help earnings.” Will get.” “The economy keeps going and regulation lags behind.”
America’s newly elected President Donald Trump has promised to cut taxes and relax trade rules.
Analysts say that while these measures could boost the economy, the prospect of higher fiscal deficits under the Trump administration, as well as inflationary tariffs and immigration policies, could dim the prospects for Federal Reserve interest rate cuts and lower long-term borrowing costs. Can increase.
“The big thing that everyone is going to be watching is what happens with yields and the dollar going forward, because that would be a huge headwind if yields and the dollar remain high,” Taylor said.
The Canadian dollar posted its third consecutive monthly decline against its U.S. counterpart in November as Canada’s economy grew just 1% in the third quarter, prompting investors to bet on another major interest rate cut from the Bank of Canada Went.
The technology sector rose 1% and the industrial sector rose 0.5% on Friday. Seven out of 10 major sectors closed with gains.
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