TSX hits record high on energy boost; Nvidia results in focus
Updated at 10:04 a.m. ET/ 15:04 GMT
By Nikhil Sharma
Nov 21 (Reuters) -Canada's main stock index notched arecord high on Thursday amid gainsled by energy shares, while investors assessed AI bellwetherNvidia's upbeat quarterly results that dictated overall market sentiment.
The S&P/TSX composite index .GSPTSE was up 132.02 points, or 0.53%, at 25,168.48.
Meanwhile, Wall Street's benchmark indexes were mixed in choppy trading. .N
Nvidia on Wednesday beat expectations for third-quarterresults and forecast better-than-expected fourth-quarter revenue.
However, Nvidia stockbriefly fell premarket as the chipmakerprojected the slowestrevenue growth in seven quarters, disappointing some investors.
"I think investors are just looking for excuses to keep up their enthusiasm for the market," said Michael Sprung, president at Sprung Investment Management, adding stretched valuations do not "seem to be bothering investors too much at the moment."
The TSXenergy sector .SPTTEN gained 1.4% on Thursdayas oil prices climbed after Russia and Ukraine launched missiles at each other, fuelingconcerns of supply disruption from the region. O/R
Geopolitical uncertainties have left investorsunsettled after Russia fired what appeared to be anintercontinental ballistic missile in retaliation against Ukraine firingU.S. and British missiles earlier this week.
The technology sector.SPTTTK advanced 1.1%, boosted by a 4% jump in electronics firm Celestica's CLS.TO shares.
In contrast, the cappedcommunications sector.GSPTTTS wasthe biggest drag, down 0.9%.
Investors also parsed economic data including U.S.weekly jobless claims that unexpectedly fell last week, suggesting job growth likely rebounded in November after abruptly slowing last month amid hurricanes and strikes.
Canada's producer prices rose 1.2% in October from September on higher prices for primary non-ferrous metal products.
On the corporate front, Manulife Financial MFC.TO said it will reinsure C$5.4 billion ($3.86 billion) of its reserves as it looks to transfer some risk from its portfolio and free up capital for stock buybacks. Its shares rose 1.4%.
Reporting by Nikhil Sharma in Bengaluru; Editing by Shreya Biswas
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