By Fergal Smith
(Reuters) -Canada’s main stock index rose to a record high closing level on Thursday, helped by gains for heavily-weighted financial shares, as investors cheered recent signs that inflation is cooling and the economy is avoiding a recession.
The Toronto Stock Exchange’s S&P/TSX composite index ended up 41.55 points, or 0.2%, at 22,087.26, squeaking past the previous record closing high of 22,087.22 that was set in March 2022.
“The overall data in North America shows that we will probably avert a recession which is what most investors feared in the better part of last year,” said Stan Wong, portfolio manager at Scotia Wealth Management.
“More data that supports a soft landing in the economy and therefore more certainty of some rate cuts coming from the central banks this year … that’s helping the markets.”
Bank of Canada Deputy Governor Toni Gravelle said February’s inflation figures were “very encouraging”, adding the…
