TSX hits record high on hopes for larger US rate cut
Updated at 10:18 a.m. ET/1418 GMT
By Nikhil Sharma
Sept 13 (Reuters) -Canada's main stock index hit another record high on Friday in a broad-based rally led by mining stocks, as investors assessed the overnight spike in chances of a hefty U.S. interest rate cut next week.
The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was up 143.04 points, or 0.61%, at 23,618.73 and was set to extend its record run.
At least 11sectors on the index nursed gains as the marketreacted to the expectation of a bigger rate cut by the Federal Reserve at its Sept. 18 policy meeting.
Leading sectoral gains was materials .GSPTTMT, which tracked gold prices that hit a record high on expectations of U.S. interest rate cuts.
Leading the index were First Majestic Silver Corp <AG.TO>, Alamos Gold Inc AGI.TO and Ballard Power Systems Inc BLDP.TO, up between3% and 4%.
Graham Priest, investment adviserat BlueShore Financial, said a larger U.S. cut"would be a strong stimulus for the Canadian economy and Canadian markets" as "money would be flowing into gold".
"Rate decreases would be quite positive for a resource-based economy".
Expectations for a mighty half-point U.S. rate cuttook a dramatic turn after reports from the Financial Times and Wall Street Journal called the decision "a close call".
Former New York Fed President Bill Dudley pointed at a strongcase for a 50-bps interest rate cut which further added to the uncertainty around next week' policy decision.
Traders' bets of a 50-basis point now stand at 47%, compared with 14% on Thursday, CME's FedWatch Tool showed.
Back home in Canada, investors digested wholesale trade data that grew by 0.4% in July from June, whileCanadian industries' capacity ran at 79.1% of capacity in the second quarter of 2024.
TSX's heavyweight, the energysector .SPTTEN, rose 0.8%, while the financials sector .SPTTFS gained 0.4%.
Reporting by Nikhil Sharma in Bengaluru; Editing by Maju Samuel
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