FX.co ★ TSX Struggles to Extend Record High

On Thursday, the S&P TSX Composite Index advanced slightly, surpassing the 32,900 threshold and continuing its record-breaking trajectory. This uptick in the index was primarily driven by notable gains in the technology and financial sectors, which offset a general decline in commodity-related stocks. The technology sector spearheaded this progression, with Shopify increasing by over 1% following robust earnings from TSMC that sparked renewed global interest in companies linked to artificial intelligence. Additionally, prominent banks exhibited strength, contributing positively to the index's performance. Market sentiment was further buoyed by positive comments from Prime Minister Carney, highlighting enhanced trade relations with China.

However, the overall gains were somewhat limited due to the underperformance in the energy sector. Canadian Natural Resources, Suncor, Imperial Oil, and Cenovus experienced declines ranging from 1.5% to 2.2%, following a drop in crude oil prices. This decrease was triggered by US President Trump's comments downplaying the probability of US military involvement in Iran, which supported expectations of abundant oil supply from the Middle East. Moreover, the mining sector added downward pressure, as companies such as Agnico Eagle, Barrick, Wheaton Precious Metals, and Franco-Nevada saw their shares fall by about 1%. This decline came as gold prices receded from their peak levels due to investors cashing in on profits.