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CANADA STOCKS-TSX hits record high on energy boost; Nvidia results in focus
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CANADA STOCKS-TSX hits record high on energy boost; Nvidia results in focus
Nov 21, 2024 10:21 AM

(Updated at 10:04 a.m. ET/ 15:04 GMT)

By Nikhil Sharma

Nov 21 (Reuters) - Canada's main stock index notched a

record high on Thursday amid gains led by energy shares, while

investors assessed AI bellwether Nvidia's ( NVDA ) upbeat quarterly

results that dictated overall market sentiment.

The S&P/TSX composite index was up 132.02 points,

or 0.53%, at 25,168.48.

Meanwhile, Wall Street's benchmark indexes were mixed in

choppy trading.

Nvidia ( NVDA ) on Wednesday beat expectations for third-quarter

results and forecast better-than-expected fourth-quarter

revenue.

However, Nvidia ( NVDA ) stock briefly fell premarket as the

chipmaker projected the slowest revenue growth in seven

quarters, disappointing some investors.

"I think investors are just looking for excuses to keep up

their enthusiasm for the market," said Michael Sprung, president

at Sprung Investment Management, adding stretched valuations do

not "seem to be bothering investors too much at the moment."

The TSX energy sector gained 1.4% on Thursday as

oil prices climbed after Russia and Ukraine launched missiles at

each other, fueling concerns of supply disruption from the

region.

Geopolitical uncertainties have left investors unsettled

after Russia fired what appeared to be an intercontinental

ballistic missile in retaliation against Ukraine firing U.S. and

British missiles earlier this week.

The technology sector advanced 1.1%, boosted by a

4% jump in electronics firm Celestica's ( CLS ) shares.

In contrast, the capped communications sector was

the biggest drag, down 0.9%.

Investors also parsed economic data including U.S. weekly

jobless claims that unexpectedly fell last week, suggesting job

growth likely rebounded in November after abruptly slowing last

month amid hurricanes and strikes.

Canada's producer prices rose 1.2% in October from September

on higher prices for primary non-ferrous metal products.

On the corporate front, Manulife Financial ( MFC ) said it

will reinsure C$5.4 billion ($3.86 billion) of its reserves as

it looks to transfer some risk from its portfolio and free up

capital for stock buybacks. Its shares rose 1.4%.

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