TSX hits recordhigh
Energy sector leads the sectoral gains
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Aug 26 Reuters Canada39;s main stock index hit another record high on Monday in a broadbased rally led by energy and mining stocks, while September rate cut optimism in the United States also boosted investor sentiment.

At 959 a.m. ET 1359 GMT, the Toronto Stock Exchange39;s SPTSX composite index was up 118.64 points, or 0.51, at 23,404.72, and is poised to extend its recordsetting streak from Friday.

At least ten major sectors on TSX logged gains, with the energy sector climbing 2.1 as oil prices rose nearly 3 on reports of a near total production stoppage in Libya.

The materials sector rose 0.5 tracking gold and copper prices that gained due to a weaker dollar and on hopes of a U.S. rate cut next month.

Federal Reserve Chair Jerome Powell on Friday endorsed the commencement of policy easing cycle, while acknowledging that inflation was on a sustainable downward path to a 2 target.

When you have five and a quarter Fed funds rate and inflation rate at around 2.5, there39;s a lot of room for cutting, said Allan Small, senior investment advisor at Allan Small Financial Group with iA Private Wealth.

Market participants are betting on a higher chance of 25 basis points cut at the policy meeting next month.

The focus will be on the U.S. personal consumption and gross domestic product estimates expected later in the week, along with AIdarling Nvidia39;s…