04:14 PM EDT, 09/26/2024 (MT Newswires) -- The Toronto Stock Exchange closed a record high on Thursday, climbing above the 24,000 mark for the first time on a strong performance from base-metal issues, even as energy issues dipped on weaker oil prices.

The S&P/TSX Composite Index closed up 127.95 points to 24,033.83. Gainers on the day were Base Metals, up 6.08%, and Information Technology, up 1.9% and 1.2% respectively, while Energy and Battery Metals led declines, down 3.0% and 1.2% respectively. .

West Texas Intermediate (WTI) fell 2.9% on Thursday following a report that said OPEC+ will begin to return 2.2-million barrels per day of voluntary production cuts to market as Saudi Arabia, the group's leader, abandons its US$100 per barrel price target to regain market share, while Libya's two squabbling governments reached an agreement that should see its exports rise. WTI crude oil for November delivery closed down US$2.02 to settle at US$67.67 per barrel, while November Brent crude, the global benchmark, closed down US$1.86 to US$71.60.

Gold traded at a fresh record high for the sixth-straight session on Thursday, pushing near the US$2,700 mark on falling interest rates, an expected boost to physical demand from India and the threat of a widening Middle East war. Gold for December delivery was last seen up US$12.10 to US$2,696.80 per ounce.

In its economic outlook published today, Deloitte Canada said it expects Canada's gross domestic product growth of 1.2% this year, rising to 2.4% in 2025 and 2.1% in 2026.

The overnight rate of the Bank of Canada (BoC) is estimated to drop from the current 4.25% to 2.75% by the middle of 2025, including two cuts this year. Bank of Montreal (BMO) said that the central bank's problem now is preventing inflation from falling more than it already has, having achieved its 2% inflation target.

Earlier in the week, BoC Governor Tiff Macklem provided a key benchmark it will go about accomplishing this, stating "we want to see it (economic growth) strengthen further so that inflation stays close to the 2% target."

The BoC's Monetary Policy Report projected 2.8% growth in Q3. However, besting even 2% might be a stretch. If so, the BoC will press harder on the easing pedal, added BMO.