CANADA STOCKS-TSX inches toward all-time high as tech shares rise

Reuters
05 Dec 2024
CANADA STOCKS-TSX inches toward all-time high as tech shares rise

TSX ends up 5.45 points at 25,641.18

Technology sector gains 1.5%

RBC adds 0.3% after earnings report

Energy falls 2.1%; oil settles 2% lower

Updates at market close

By Nikhil Sharma and Fergal Smith

Dec 4 (Reuters) - Canada's main stock index edged closer to its all-time high on Wednesday as technology shares rose and investors cheered Royal Bank of Canada's results, while declines for energy shares helped keep the market's advance in check.

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE ended up 5.45 points, or 0.02%, at 25,641.18. It posted a record closing high on Friday at 25,648.00.

"As we sit here very close to all-time highs, there's not much to complain about," said Angelo Kourkafas, investment strategist at Edward Jones Investments.

"I would say in the market, just some hesitation today in light of significant gains last month."

The TSX added 6.2% in November, its biggest monthly gain in one year.

The technology sector rose 1.5%, industrials added 0.8% and heavily weighted financials ended up 0.1%.

Shares of Royal Bank of Canada RY.TO were up 0.3% after the country's biggest bank beat quarterly profit expectations. In contrast, shares of National Bank NA.TO lost 3.8% after its earnings report.

Air Canada AC.TO said it would start charging for bigger carry-on bags from passengers opting for its lowest-priced basic fare for North American routes starting on Jan. 3. The move drew immediate condemnation from Ottawa but the airline's shares were up 1.2%.

The energy group fell 2.1% as the price of oil CLc1 settled 2% lower at $68.54 a barrel ahead of an OPEC+ decision on production cuts.

The materials group, which includes fertilizer companies and metal mining shares, also lost ground, ending 0.4% lower.

Dollarama Inc DOL.TO posted a rise in third-quarter sales and profit as it drew more price-conscious consumers to its low-priced non-essentials such as household supplies and grocery. Still, its shares dropped 5.1%.

(Reporting by Fergal Smith in Toronto and Nikhil Sharma and Ragini Mathur; Editing by Vijay Kishore and Alistair Bell)

((fergal.smith@thomsonreuters.com; +1 647 480 7446))

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