TSX Scales New All-time High, Extends Gains To 3rd Straight Day

(RTTNews) - The Canadian stock market ended higher on Thursday, extending gains to a third successive session, as investors continued to stay optimistic about some positive developments on the U.S.-China trade front.

The European Central Bank today cut its deposit rate by ten basis points and also announced the relaunch of its Asset Purchase Programme to revive growth in the euro area.

It is widely expected that the Federal Reserve, scheduled to announce its policy next week, would cut interest rate by 25 basis points to support economic expansion.

The benchmark S&P/TSX Composite Index scaled a new all-time high, surpassing the previous best of 16,672.71 recorded on April 23rd, but came off that mark towards the end of the session.

The index ended up 32.14 points, or 0.19%, at 16,643.28, after hitting a record high of 16,696.40.

Fairly strong buying in some key information technology and financial shares contributed to the positive close. Consumer discretionary shares too found support.

Healthcare shares declined sharply. Consumer staples and materials shares were weak as well, while energy shares turned in a mixed performance.

First Quantum Minerals (FM.TO) ended stronger by 8.55%. Crescent Point Energy (CPG.TO), up 3.5%, Baytex Energy (BTE.TO), up 1.6%, Cenovus Energy (CVE.TO), up 1.6%, and Royal Bank of Canada (RY.TO), up 1%, moved higher on strong volumes.

Shares of Prometic Life Sciences (PLI.TO) vaulted nearly 22%. Information technology stock Shopify Inc. (SHOP.TO) gained 2.8%. Restaurant Brands International (QSR.TO), Onex Corporation (ONEX.TO) and Constellation Software (CSU.TO) also closed with strong gains.

In the healthcare space, Aurora Cannabis (ACB.TO) declined nearly 9%. Canopy Growth Corporation (WEED.TO), CannTrust Holdings (TRST.TO), Hexo Corp (HEXO.TO) and Aphria Inc. (APHA.TO) also declined sharply.

In economic news, new home prices in Canada dropped 0.1% for the second consecutive month in June 2019. Markets had expected prices to remain unchanged.