• TSX ends up 0.5%, at 24,690.48
• Eclipses Wednesday's all-time peak
• Energy rises 1.2%; oil settles higher
• Materials gains 0.7%; gold hits record high

Oct 17 (Reuters) - Canada's main stock index extended its record-setting run on Thursday, led by gains for resource and financial shares, as commodity prices rose and U.S. retail sales data bolstered investor optimism about the economy.

The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) , opens new tab ended up 129.28 points, or 0.5%, at 24,690.48, eclipsing the record closing high it posted on Wednesday.

U.S. retail sales increased solidly in September, supporting the view that the economy maintained a strong growth pace in the third quarter.

"You have an economy that remains on solid footing, corporate profits on the rise, and central banks letting off the brakes," said Angelo Kourkafas, investment strategist at Edward Jones Investments.

"And all of that adds to the soft-landing optimism that has fueled the market gains so far here to date."

Canada sends about 75% of its exports to the United States, including oil. Oil settled 0.4% higher at $70.67 a barrel after data showed falling crude and fuel inventories in the United States.

The energy group rose 1.2%, while materials, which includes fertilizer companies and metal mining shares, added 0.7% as gold climbed to an all-time high.

Financials, the Toronto market's most heavily weighted sector, advanced 0.6% as bank stocks added to their recent gains.

"The mostly upbeat earnings reports we've seen from U.S. banks has helped support Canadian financials", along with expectations of an aggressive interest rate cut in Canada, said Douglas Porter, chief economist at BMO Capital Markets.

The BoC will cut its benchmark interest rate by an unusually large 50 basis points next week as price pressures ease, according to two-thirds of economists polled by Reuters.

BRP Inc (DOO.TO) , opens new tab said it's initiating a process for the sale of its marine businesses. Its shares ended 0.7% higher.

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https://www.reuters.com/markets/tsx-futures-rise-strength-oil-gold-prices-2024-10-17/