• TSX ends up 0.2% at 23,952.22
• Fourth day of record closing highs
• Materials group gains 1.8%; gold prices climb
• Energy adds 1%; oil settles 1.7% higher

Sept 24 (Reuters) - Canada's main stock index extended its record-setting run on Tuesday, led by gains for energy and metal mining shares, as major commodity importer China unveiled stimulus measures to boost its economy.

The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) , opens new tab ended up 57.51 points, or 0.2%, at 23,952.22, its fourth straight day of record closing highs.

China's stimulus package, including interest rate cuts, was broader than expected and marked the latest attempt by policymakers to restore confidence in the world's second-largest economy.

"When China is being stimulated, that definitely helps the price of oil and many other commodities move higher," said Allan Small, senior investment advisor of the Allan Small Financial Group with iA Private Wealth.

Taken together with the Federal Reserve cutting interest rates "you have all the makings of a good market in Canada," Small said.

Investors expect the Fed to continue cutting interest rates over the coming months after the U.S. central bank reduced borrowing costs for the first time in four years last Wednesday.

The Bank of Canada has also been easing policy. Given the continued progress the BoC has made in bringing inflation back down to the 2% target, it's reasonable to expect more rate cuts, Governor Tiff Macklem said.

The materials group, which includes fertilizer companies and mental mining shares, rose 1.8% as gold and copper prices climbed. It was led by a gain of 9% for Aya Gold & Silver Inc (AYA.TO) , opens new tab.

The price of oil also rose, settling 1.7% higher at $71.56 a barrel, on China's stimulus measures and concerns that growing conflict in the Middle East could hit regional supply.

The energy sector was up 1% and industrials added 0.3%. Heavily weighted financials were a drag, ending 0.2% lower.

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https://www.reuters.com/markets/tsx-futures-rise-china-stimulus-boosts-commodity-prices-2024-09-24/