TSX Closes At Fresh Record High

(RTTNews) - The Canadian market scaled fresh intraday and closing highs on Friday, extending recent gains, as investors picked up stocks again, on rising hopes of interest rate cuts by the Federal Reserve this year.

The benchmark S&P/TSX Composite Index, which rose to 22,750.33, ended the day with a gain of 129.39 points or 0.57% at 22,673.52.

Consumer discretionary, materials, communications, financials and real estate stocks were among the prominent gainers. A few stocks from technology and industrials sectors too posted strong gains.

Aritzia Inc (ATZ.TO) soared nearly 15%. The company reported adjusted net income of $25.0 million for the first quarter, up 122.7% compared to the corresponding quarter last year.

Hut 8 Corp (HUT.TO) zoomed 13.6%. Cogeco Communications (CGO.TO) and Cogeco Inc (CCA.TO) ended higher on stronger than expected quarterly results.

Dayforce (DAY.TO) gained nearly 4%, while BRP Inc (DOO.TO), Teck Resources (TECK.A.TO), Canadian Tire Corporation (CTC.TO), FirstService (FSV.TO) and goeasy (GSY.TO) advanced 2 to 4%.

Softchoice Corporation (SFTC.TO) ended down 4.6%. Rogers Communications (RCIA.TO), Richelieu Hardware (RCH.TO), Primo Water Corporation (PRMW.TO), Sprott Inc (SII.TO), Cameco Corporation (CCO.TO) and Canadian Natural Resources (CNQ.TO) lost 1.2 to 3%.

On the economic front, data from Statistics Canada said the total value of building permits in Canada fell by 12.2% month-on-month to $11.7 billion in May, following an upwardly revised 23.4% increase in the previous month.