TSX Closes At New Record High

(RTTNews) - The Canadian market closed modestly higher on Friday, lifted by gains in industrials and energy stocks. Positive reaction to the nation's retails data and the recent announcement of a mini stimulus package contributed to the upside.

The benchmark S&P/TSX Composite Index, which advanced to a new all-time high of 25,478.37, settled at 25,444.28 with a gain of 53.60 points or 0.21%.

Hut 8 Corp (HUT.TO) zoomed 10.5%. ATS Corporation (ATS.TO) climbed 7.2%. Softchoice Corporation (SFTC.TO), Endeavour Mining (EDV.TO), Finning International (FII.TO), ATCO (ACO.Y.TO), Bombardier Inc (BBD.B.TO), RB Global (RBA.TO), Magna International (MG.TO) and Canadian Pacific Kansas City (CP.TO) gained 2 to 4%.

Canadian National Railway (CNR.TO), Ag Growth International (AFN.TO), Descartes Systems Group (DSG.TO), Colliers International (CIGI.TO) and Dayforce (DAY.TO) were among the other notable gainers.

Bausch + Lomb Corporation (BLCO.TO), Celestica Inc (CLS.TO), iA Financial Corporation (IAG.TO), Secure Energy Services (SES.TO), CAE Inc (CAE.TO), Boralex Inc (BLX.TO), Pan American Silver Corp (PAAS.TO) and Teck Resources (TECK.A.TO) lost 1 to 4%.

On the economic front, retail sales in Canada are expected to have surged by 0.7% from the previous month in October, according to flash estimate. Retails in Canada rose by 0.8% year-on-year in September, following a 1.4% increase in the previous month.

Data from Statistics Canada showed new home prices in Canada dropped by 0.4% in October, following two months of no change. Compared to last year, new home prices fell 0.2% in October, following a 0.2% increase in the previous month.

In U.S. economic news, revised data released by the University of Michigan showed consumer sentiment in the U.S. improved less than previously estimated in the month of November.

The University of Michigan said its consumer sentiment index for November was downwardly revised to 71.8 from the preliminary reading of 73.0.