The Canadian main stock index reached a record high on Friday, driven by gains in mining shares, amid market speculation of a larger U.S. interest-rate cut by the Federal Reserve next week. The tech and energy sectors also contributed to the broad-based rally on the TSX. A recent report indicated a 0.4% growth in wholesale trade in July compared to June, while Canadian industries operated at 79.1% capacity in Q2 2024.
U.S. markets closed near record highs, completing their fourth winning week in the past five.
The Canadian dollar traded at 73.58 cents U.S. versus 73.64 cents U.S. on Thursday, while U.S. crude futures rose $0.19 to $69.16 a barrel and the Brent contract increased by $0.07 to $72.04 a barrel.
Gold prices saw a rise of US$23.34 to US$2,581.16.
In global markets, the Nikkei declined by 251.51 points to 36,581.76, the Hang Seng increased by 128.70 points to 17,369.09, the FTSE was up by 32.12 points to 8,273.09, and the DAX rose by 170.42 points to 18,688.81.
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