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CANADA STOCKS-Tech shares helps lift Toronto market to record high
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CANADA STOCKS-Tech shares helps lift Toronto market to record high
Oct 10, 2024 10:30 PM

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TSX ends up 0.6% at 24,224.90

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Eclipses Friday's record closing high

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Technology climbs 1.7%

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All ten major sectors notch gains

(Updates at market close)

By Nikhil Sharma and Fergal Smith

Oct 9 (Reuters) - Canada's main stock index rose to a

record high on Wednesday, led by gains for technology and

consumer discretionary stocks, as investors grew optimistic that

U.S. inflation data could support additional interest rate cuts

by the Federal Reserve.

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

ended up 152.39, or 0.6%, at 24,224.90, moving past

the record closing high it posted on Friday.

U.S. consumer price index data, due on Thursday, is expected

to show inflation cooling to 2.3% in September.

"I think people are sort of cautiously optimistic that the

inflation number may come in at a benign level, continuing on

the trend of (policy) easing," said Brian Madden, chief

investment officer at First Avenue Investment Counsel.

Minutes from the Fed's September meeting showed a

"substantial majority" of officials supported an outsized

half-percentage-point interest rate cut.

The Toronto market's technology sector climbed 1.7%, helped

by a gain of 4.7% for the shares of electronic equipment company

Celestica Inc ( CLS ) after TD Cowen raised its target price on

the stock.

Consumer discretionary added 1% and industrials ended 0.9%

higher. All ten major sectors notched gains.

Among the biggest gainers was Bird Construction Inc ( BIRDF )

, which jumped 11.9% after the company announced a

dividend increase and released financial targets.

In contrast, shares of Alimentation Couche-Tard ( ANCTF )

fell 0.8% after the convenience store operator made a revised

bid for Japan's Seven & i Holdings ( SVNDF ).

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