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CANADA STOCKS-TSX hits 2-year high on tech earnings, rate-cut prospects
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CANADA STOCKS-TSX hits 2-year high on tech earnings, rate-cut prospects
Mar 7, 2024 1:50 PM

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TSX ends up 0.9% at 21,794.56

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Posts its highest close since April 2022

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Tech sector rallies 2.5%

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Linamar ( LIMAF ) jumps 11.4% after reporting earnings

(Updates at market close)

By Purvi Agarwal and Fergal Smith

March 7 (Reuters) - Canada's main stock index climbed on

Thursday to its highest level in nearly two years, helped by

gains for technology and railroad shares, as investors cheered

corporate earnings and the prospects of lower interest rates.

The Toronto Stock Exchange's S&P/TSX composite index

ended up 200.60 points, or 0.9%, at 21,794.56, its

highest closing level since April 2022.

Wall Street's main indexes also climbed as Federal Reserve

Chair Jerome Powell said the U.S. central bank was "not far"

from gaining the confidence it needs in falling inflation to

begin cutting interest rates.

"Interest rates, even though they are not coming down yet,

central bankers are telegraphing to expect a rate cut probably

later this year," said Lorne Steinberg, president of Lorne

Steinberg Wealth Management.

"That's bullish for the economy, so the rail stocks are

doing well."

Canadian Pacific Kansas City Ltd ( CP ) shares rose 2.2%

and Canadian National Rail Co was up 1.2%.

Those moves helped lift the industrials sector by 0.9%,

while technology added 2.5%.

Descartes Systems Group Inc ( DSGX ) shares added 4.6% after

the software company beat fourth-quarter revenue estimates and

shares of Constellation Software Inc ( CNSWF ) were up 4.5%.

Investors also cheered the results of auto-parts

manufacturer Linamar Corp. ( LIMAF ) Its shares ended 11.4%

higher.

The materials sector, which includes precious and base

metals miners and fertilizer companies, rose 1.2% as gold added

to its record-setting rally.

Eight of the TSX's 10 main sectors ended higher, with only

consumer staples and energy losing ground. Oil settled

0.25% lower at $78.93 a barrel.

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