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TSX ends up 0.5% at 28,751.36
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Surpasses Tuesday's record closing high
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Technology advances 1.4%
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Alimentation Couche-Tard ( ANCTF ) rises after earnings beat
(Updates at market close)
By Fergal Smith
Sept 3 (Reuters) - Canada's main stock index rose to
another record high on Wednesday, as technology and metal mining
shares notched gains ahead of employment data this week that
could offer clues on the prospect of a Bank of Canada interest
rate cut.
The S&P/TSX composite index ended up 135.74
points, or 0.5%, at 28,751.36, surpassing Tuesday's record
closing high.
Both Canada and the U.S. are due to release employment
reports for August on Friday. Economists forecast that Canada's
economy added 10,000 jobs and the unemployment rate edged up to
7% from 6.9%.
"It is probably the biggest jobs number we've seen in
recent times coming out of both sides of the border," said Allan
Small, senior investment advisor of the Allan Small Financial
Group with iA Private Wealth. "I think a bad number in Canada
solidifies a cut here."
Investors see a roughly 60% chance the BoC lowers interest
rates on September 17 for the first time since March. The
benchmark rate is at 2.75%.
"Gold reaching all-time highs, that's what's carrying the TSX
right now," Small said.
The materials group, which includes metal mining
shares, added 0.8% as the price of gold climbed to
another all-time peak.
Teck Resources ( TECK ) announced that it has undertaken a
company-wide operations review and would defer approving major
growth projects until its Quebrada Blanca copper mine in Chile
achieves steady operations and target output. Shares of Teck
ended 0.7% higher.
Technology was up 1.4% and consumer staples
added 2%.
Alimentation Couche-Tard ( ANCTF ) climbed 6.3% after its
quarterly adjusted earnings beat estimates.
Energy was a drag, falling 1.7%. The price of oil
settled 2.5% lower at $63.97 a barrel ahead of a weekend
meeting of OPEC+ producers that is expected to consider another
increase in production targets in October.