Energy shares help Toronto market extend record-setting run
TSX ends up 0.2% at 25,543.52
Eclipses Wednesday's record closing high
Energy rises 0.7%; oil gains 0.2%
Nine of 10 major sectors end higher
Updates at market close
By Fergal Smith
Nov 28 (Reuters) -Canada's main stock index rose to a record high on Thursday in trading thinned by the U.S. Thanksgiving holiday, led by energy and industrial shares, as the prospect of further rate cuts fed optimism the market's upward momentum would continue through year-end.
The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE ended up 55.22 points, or 0.2%, at 25,543.52, moving past the record closing high it notched on Wednesday.
Volumes were lighter than usual with the U.S. stock market closed for the holiday.
"It's all about grinding higher into the end of the year," said Allan Small, senior investment advisor of the Allan Small Financial Group with iA Private Wealth.
"Rates will come down, inflation will stay where it's at ... There's going to be a lot of spending over Thanksgiving and over the holiday season."
Canada's third-quarter gross domestic product report, due on Friday, could offer clues on the pace of expected further interest-rate cuts by the Bank of Canada. Economists forecast growth slowing to an annualized rate of 1%.
The energy sector rose 0.7%, helped by gains for Canadian Natural Resources Ltd CNQ.TO, Canada's largest oil and gas producer.
The price of U.S. oil edged up 0.2% to $68.88 a barrel after Israel and Lebanese armed group Hezbollah traded accusations that their ceasefire had been violated.
Industrials were up 0.5%, helped by gains for railroad shares and Bombardier BBDb.TO.
The business-jet manufacturer was among the biggest decliners in the days after U.S. President-elect Donald Trump pledged to impose a 25% tariff on imports from Canada and Mexico.
Nine of 10 major sectors ended higher, with heavily weighted financials down slightly.
Reporting by Nikhil Sharma in Bengaluru; editing by David Evans, Ros Russell and Rod Nickel
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