Equities in Canada hit a record high on Friday, mirroring upbeat sentiment on Wall Street as investor bets on U.S. rate cuts remained firm despite slightly hotter-than-expected producer price numbers.
The TSX Composite Index surged 159.83 points to 22,703.96.
The Canadian dollar regrouped 0.06 cents to 73.45 cents U.S.
On the Toronto Stock Exchange, communication services stocks led the charge. Cogeco Communications gained $2.41, or 4.7%, to $54.25 after its third-quarter revenue beat analysts’ estimates, boosting the sector.
Canadian inflation data due next week will have investors adjust their rate-cut bets ahead of the Bank of Canada’s next monetary policy meeting on July 24.
Among individual stocks, Aritzia topped the TSX index with a rise of $5.28, or 12.7%, to $46.79, after its first-quarter earnings beat analysts’ estimates.
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