TORONTO: Canada’s main stock index on Thursday wrapped up another strong quarter by climbing to a new all-time high, led by gains for resource shares as investors eyed potential interest rate cuts in the coming months that could stimulate economic growth.

The Toronto Stock Exchange’s S&P/TSX composite index ended up 59.95 points, or 0.3%, at 22,167.03, a record closing high. The index also hit an intraday record high, at 22,220.91, eclipsing the previous record it set in April 2022.

The market will be closed for the Good Friday holiday.

“The trade in the last month has really turned to reflation,” said Mike Archibald, a portfolio manager at AGF Investments. “Commodities are working extremely well. Banks have started to rally both south of the border and up here in Canada.” The record-setting rally came as data showed Canada’s economy growing 0.6% in January, its fastest growth rate in a year. Still, investors stuck with bets the Bank of Canada would begin cutting rates in June.