(Bloomberg) — The S&P/TSX Composite Index, Canada’s stock market benchmark, rallied to close above 24,000 points for the first time Thursday as China’s stimulus plans boosted shares in base metal providers.
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The index ended 0.5% higher at 24,033.83 points, its 26th closing record so far in 2024. The gauge has climbed 15% year to date, rebounding from a decline of more than 16% last year
Thursday’s milestone comes less than two months after the index eclipsed 23,000 points for the first time in July, when the advance was driven by Bank of Canada rate cuts. Strategists expect the momentum in Toronto trading to continue.
The rally is gaining support in part because “Canada trades at a massive valuation discount relative to the US,” AGF Investments vice-president and portfolio manager Mike Archibald said in a telephone interview.
Stocks rose after China unveiled plans to stimulate its economy, which lifted…
