Dec 9 Reuters Canada39;s main stock index hit a record high on Monday, led by mining stocks, while anticipation of an interest rate cut by the Bank of Canada also lifted investor sentiment.

The Toronto Stock Exchange39;s SPTSX composite index was up 116.01 points, or 0.45, at 25,807.81.

Canada39;s materials sector gained 3.8 with gold climbing on China39;s central bank resuming bullion purchases and optimism for a U.S. rate cut in December, while copper jumped after Beijing pledged to boost its economy.

The energy sector gained 1.4 tracking oil prices after top importer China commenced its first move toward a moderately loose monetary policy since 2010.

Meanwhile, traders are betting the Bank of Canada will cut the interest rate by half a percentage point on Wednesday, with prospects of a jumbo rate cut soaring after data on Friday showed Canada39;s jobless rate spiked to an 8year high, excluding the pandemic period.

And I think either way, whether it39;s a good 25 or 50 basis points, it will be a bit of a positive for the market, said Michael Sprung, president at Sprung Investment Management.

The central bank has reduced rates by 125 bps since June in light of concerns about slow growth despite inflation coming within its target range of 2.

BRP Inc gained 4 as the power sports products company extended its gains from Friday, helping the consumer discretionary sector add 1.6.

TSX is up 23.2 for the year, and with 2024 coming to an end, analysts are seeing…