Canadian stocks inched up to their highest closing level in more than 22 months as strong corporate earnings, surging metals prices, and expectations of interest rate cuts in the near term kept optimism alive. The S&P/TSX Composite Index advanced by 201 points, or 0.9%, on Thursday to settle at 21,795 — extending its month-to-date gains to 2%.
While most main sectors ended the session in green territory, the TSX rally was mainly driven by solid gains in consumer noncyclical, utility, and technology stocks.
Top TSX Composite movers and active stocks
Shares of Linamar (TSX:LNR) jumped by 11.4% to $70.82 per share, making it the top-performing TSX stock for the day. These healthy gains in LNR stock came a day after the Guelph-headquartered advanced manufacturing firm announced its much better-than-expected December quarter financial results.
In the fourth quarter, Linamar saw a 19.1% increase in sales year over year, reaching $2.5…
