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CANADA STOCKS-TSX notches best quarter in four years as interest rates fall
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CANADA STOCKS-TSX notches best quarter in four years as interest rates fall
Oct 2, 2024 9:51 PM

(Adds strategist quotes)

By Fergal Smith

Sept 30 (Reuters) - Canada's main stock index wrapped up

its strongest quarter in four years on Monday, as it ended

higher with gains for energy and technology shares offsetting

declines for metal miners.

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

ended up 43.55 points, or 0.2%, at 24,000.37, after a

late rally took it into positive territory. It stopped just

short of the record closing high it notched on Thursday.

For September, the index rose 2.8%, while it was up 9.7% in

the third quarter, as the Bank of Canada cut interest rates

three times since June and after the Federal Reserve began its

own easing campaign this month.

The S&P 500 also ended higher on Monday after briefly

falling as Fed Chair Jerome Powell said the U.S. central bank is

not in a hurry to lower interest rates.

"Canadian stocks responded positively to the three Bank

of Canada rate cuts we've seen," said Colin Cieszynski, chief

market strategist at SIA Wealth Management.

"That's helped to boost the interest rate sensitive

sectors ... On top of that, we've had this run in the gold price

which has helped boost the gold stocks as well."

The TSX's technology sector rose 1.1% on Monday, helped by a

gain of 5.6% for the shares of BlackBerry Ltd. ( BB ) Energy

was up 0.7% as the price of oil settled nearly unchanged

at $68.17 a barrel.

The materials sector, which includes fertilizer companies

and metal mining shares, ended 1.2% lower as gold and copper

gave back some recent gains. Still, the sector has been the

standout performer this year, jumping 25.8%.

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