FX.co ★ TSX Tests New Highs

The S&P/TSX Composite rose about 0.2% on Friday, breaking above the 33,650 mark for the first time and putting the benchmark on track for a weekly gain of more than 1.7%. Strength in gold and upbeat mining results helped offset weakness in the energy sector.

Materials led the advance as gold reclaimed the 5,000 level, supported by safe-haven demand amid escalating US–Iran tensions. Among major miners, Agnico Eagle Mines added 0.8% and Barrick Gold rose 0.5%, while Pan American Silver climbed more than 2%.

In corporate news, Lundin Mining jumped 4.5% after reporting stronger-than-expected earnings, and Fairfax Financial gained more than 2.6%. Financials traded with a modest positive bias despite a mixed macro backdrop, where softer US GDP was offset by still-elevated core PCE inflation. TD Bank and CIBC each edged up around 0.4%.

By contrast, energy names including Suncor and Imperial Oil declined as crude prices gave back part of their weekly advance, despite a 9 million barrel drawdown in US crude inventories. Even so, the S&P/TSX Composite remains on pace for its best week since January.