(Reuters) – Canada’s main stock index rose to another record high on Friday as gold mining shares climbed and investors cheered the Bank of Canada’s recent move to support the domestic economy.
The S&P/TSX composite index ended up 314.83 points, or 1.1%, at 29,768.36, surpassing Thursday’s record closing high.
For the week, the index was up 1.7%, its seventh straight weekly gain. That is the longest such streak since February 2024.
“The Bank of Canada’s recent rate cut was a shot in the arm that the market was looking for,” said Victor Kuntzevitsky, a portfolio manager at Stonehaven, Wellington-Altus Private Counsel.
“It’s a clear signal that the bank is confident in the inflation trajectory and is now pivoting to support economic expansion. And in our view, this has fundamentally repriced risk for investors and provided a clear tailwind for Canadian equities.”
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