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CANADA EQUITIES-Toronto market hits record high, driven by industrials

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* The TSX ends up 101.20 points, or 0.5%, at 21,188.19

* Financials advance 0.6%; manufacturers end up 1.6%

* Canadian National Railways gain 5.2%

* The Energy group grew by 0.4%; crude oil moves 1.1% higher

TORONTO, Oct. 20 (Reuters) – Canada’s main stock index hit a record high on Wednesday, as Canadian National Railways led gains in industrial stocks and resources stocks benefited from higher prices raw material.

The Toronto Stock Exchange’s S & P / TSX Composite Index ended up 101.20 points, or 0.5%, at 21,188.19, a record high closing.

The sectors that have held back the TSX in recent years are finally starting to function, said Greg Taylor, portfolio manager at Purpose Investments.

We have energy coming out of the niche, we have materials that work, and the banks are finally starting to catch up.

The energy group rose 0.4% as oil prices rose, with US crude oil futures settling 1.1% to $ 83.87 a barrel.

Copper and gold prices also rose, boosting the materials group.

The heavily weighted financial group rose 0.6%, while industrials finished up 1.6%, helped by a 5.2% gain for the Canadian National Railway Co.

As long as the favorable conditions for cyclical stocks continue to work, the TSX should have a good run here and may be able to outperform the S&P 500 for some time.

Year-to-date, the TSX is up 21.5%, while the S&P 500 is up 20.8%.

One of the risks to the outlook is mounting inflationary pressures, with data showing that Canada’s annual inflation rate accelerated to an 18-year high in September.

Inflationary pressures in Canada continue to rise, adding pressure on the Bank of Canada to potentially take additional steps to reduce stimulus measures at its meeting next week, said Colin Cieszynski, chief strategist of markets, SIA Wealth Management. (Reporting by Fergal Smith; Additional reporting by Amal S in Bengaluru; Editing by Peter Cooney)

Sources

1/ https://Google.com/

2/ https://www.reuters.com/article/canada-stocks/canada-stocks-toronto-market-hits-record-high-paced-by-industrials-idUSL1N2RG2VX

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