TSX Posts New Closing High

(RTTNews) - The Canadian stock market ended modestly higher on Monday after posting fresh record high, with shares from information technology and industrial sectors posting strong gains.

Energy stocks declined as crude oil prices fell after data showed an unexpected steep drop in U.S. industrial production.

The mood in the market was cautious amid concerns over inflation, and data showing a much slower than expected pace of expansion of the Chinese economy in the third quarter.

The benchmark S&P/TSX Composite Index, which dropped to 20,853.29 in early trades, ended with a gain of 57.27 points or 0.27% at 20,985.37, a new all-time high.

Information technology stocks Shopify Inc (SHOP.TO) and Constellation Software (CSU.TO) gained 2.9% and 2.7%, respectively. Kinaxis Inc (KXS.TO) climbed nearly 1.5% and Tecsys Inc (TCS.TO) gained 0.9%.

Industrial shares Tfi International (TFI.TO), WSP Global Inc (WSP.TO), Russel Metals (RUS.TO), Toromont Industries (TIH.TO), Ats Automation (ATA.TO), Boyd Group Services (BYD.TO) and Finning International (FTT.TO) gained 1.3 to 2%.

Cameco Corporation (CCO.TO), Aritzia Inc (ATZ.TO), Sleep Country Canada Holdings (ZZZ.TO) and Alimentation Couche-Tard (ATD.A.TO) were among the other prominent gainers in the session.

Energy stocks Birchcliff Energy (BIR.TO), Tourmaline Oil Corp (TOU.TO), MEG Energy (MEG.TO), Vermilion Energy (VET.TO) and Arc Resources (ARX.TO) ended lower by 2.3 to 3.2%. Crescent Point Energy (CPG.TO) and Enerplus Corp (ERF.TO) also declined sharply.

Precision Drilling Corporation (PD.TO), Magna International (MG.TO), Maxar Technologies (MAXR.TO), Linamar Corporation (LNR.TO) and CAE Inc (CAE.TO) were among the notable losers from other sectors.

Data released by the Canada Mortgage and Housing Corporation showed housing starts in Canada dropped by 4.4% over a month earlier to 251,151 units in September, the fourth straight month of decrease. It was the lowest reading since December of 2020.