FX.co ★ TSX Rises Amid Mining Strength

The S&P/TSX Composite Index experienced an uptick of approximately 0.5%, trading above the 32,050 mark on Monday. This rise was largely driven by an increased demand for safe-haven assets following the capture of Venezuelan leader Nicolás Maduro by US forces over the weekend. This geopolitical development resulted in a surge in precious metal prices, consequently boosting mining stocks. Notably, gold prices soared by nearly 2%, providing a significant lift to major mining companies such as Agnico Eagle, Barrick, and Wheaton Precious Metals, all of which advanced more than 2.5%, spearheading the market rally. The technology sector also contributed positively, with Shopify gaining about 2.5% and Constellation Software increasing by nearly 1%. Conversely, the energy sector faced challenges, as the anticipation of renewed US and corporate access to Venezuela's substantial crude oil reserves put pressure on Canadian oil demand, particularly from its primary purchaser. This led to a decline in shares of Canadian energy giants such as Canadian Natural Resources, Suncor, Imperial Oil, and Cenovus, with losses ranging between 3.6% and 7%. On the economic front, investors remained cautious, preparing for the release of significant December labor market reports from both the US and Canada later in the week.