Canadian Stocks Extending Gains; TSX Hits New All-time High

(RTTNews) - The Canadian market has climbed to new record highs on Friday as investors continue to pick up stocks amid rising optimism about interest rate cuts by several central banks, including the U.S. Federal Reserve.

Consumer discretionary, consumer staples, technology, real estate and financials shares are among the prominent gainers. Stocks from materials, utilities, communications and industrials sectors are also finding good support.

The benchmark S&P/TSX Composite Index climbed to 22.737.20, gaining 193.07 points or about 0.84%.

Aritzia Inc (ATZ.TO) is up with a hefty gain of 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.

Cogeco Inc (CGO.TO) is gaining 4.8%, after the company reported diluted earnings per share of $1.97 in the third quarter, compared to loss of $2.22 per share in the year-ago quarter.

Cogeco Communications (CCA.TO) is up 4.3%. Dayforce (DAY.TO), BRP Inc (DOO.TO), Goeasy (GSY.TO), Constellation Software (CSU.TO), FirstService Corporation (FSV.TO), Kinaxis Inc (KXS.TO), CGI Inc (GIB.A.TO), Boyd Group Services (BYD.TO), WSP Global (WSP.TO) and Canadian National Railway (CNR.TO) are up 1.3 to 3.5%.

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.