Copyright reuters
SummaryCompaniesTSX ends up 0.1% at 30,178.98Materials group adds 1.7% as gold ralliesBausch Health shares jump 12.5 %Energy dips 0.4% TORONTO, Oct 30 (Reuters) - Canada's main stock index edged up on Thursday as higher gold prices boosted metal-mining shares and investors took stock of the Bank of Canada's move to cut interest rates to a three-year low. The S&P/TSX composite index (.GSPTSE), opens new tab ended up 34.20 points, or 0.1%, at 30,178.98, putting the index on track for a monthly gain of 0.5%. It would be the sixth straight monthly advance, which is a streak last achieved in 2021. Advertisement · Scroll to continueReport Ad On Wednesday, the BoC reduced its benchmark interest rate by a quarter of a percentage point to 2.25%. "The bank's move signals a pivot from fighting inflation to supporting a struggling economy," said Victor Kuntzevitsky, a portfolio manager at Stonehaven, Wellington-Altus Private Counsel. "It reinforces the lower-for-longer rate environment which has implications for everything from bank margins to dividend-paying utilities." Lower interest rates reduce the income banks earn from floating-rate loans while they potentially increase the attractiveness of utilities to income-seeking investors. The materials group (.GSPTTMT), opens new tab, which includes metal-mining shares, climbed 1.7%, as the price of gold increased 2.4%, moving back above $4,000 an ounce. Advertisement · Scroll to continue Get the key points from this story with Reuters AI "Global demand for gold continues to be driven by central bank demand, especially the Chinese central bank," Kuntzevitsky said. "We haven't yet seen inflows from retail investors and we think that the next wave in gold appreciation will come from retail investors." Healthcare (.GSPTTHC), opens new tab was another bright spot, adding 1.5%. Shares of drugmaker Bausch Health Companies (BHC.TO), opens new tab jumped 12.5% after the company raised its full-year 2025 revenue outlook. Canadian National Railway (CNR.TO), opens new tab has laid off about 400 managers at its rail offices across Canada and the United States amid a freight downturn due to the trade war, the Globe and Mail reported. The company's shares ended 0.5% higher. Energy (.SPTTEN), opens new tab was a drag, dipping 0.4%, and heavily weighted financials (.SPTTFS), opens new tab ended 0.1% lower. Ad Break Coming Up NEXT StayNext OffEnglish 180p288p360p480p540p576p720pHD1080pHDAuto (180p) About ConnatixV2127676363 About ConnatixV2127676363 Continue watchingafter the adVisit Advertiser websiteGO TO PAGE Reporting by Fergal Smith in Toronto and Ragini Mathur in Bengaluru; Editing by Shailesh Kuber, Vijay Kishore, Rod Nickel Purchase Licensing Rights
