Baystreet.ca – 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 regrouped 0.06 cents to 73.45 cents U.S.
On the , communication services stocks led the charge. Cogeco (TSX:) 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 (TSX:) topped the TSX index with a rise of $5.28, or 12.7%, to $46.79, after its first-quarter earnings beat analysts’ estimates.
In the economic data Friday, Statistics Canada reported the total monthly value of building permits in Canada…
