FX.co ★ TSX Rebounds, Set For Weekly Gains

The S&P/TSX Composite index rose by over 1% to surpass the 32,300 mark on Friday, recovering from a significant decline in the previous session and positioning the Toronto exchange for weekly gains. This recovery was driven by advances in technology and mining stocks, which helped counter widespread investor caution. A key contributor to the positive sentiment was the January labor data, which unexpectedly showed a drop in the unemployment rate to 6.5%. Although there was an unexpected decline in net employment, the data encouraged optimism even amid market concerns about a potentially more aggressive stance from the Bank of Canada. The technology sector spearheaded the gains, with Open Text soaring over 6.5% after posting strong quarterly results, Celestica rising more than 6%, and major player Shopify growing nearly 3% in tandem with a rebound in major U.S. tech firms. In the mining sector, Agnico Eagle, Barrick Gold, Wheaton Precious Metals, and Franco-Nevada saw gains between 2.6% and 3.5%, buoyed by a nearly 3% increase in gold prices. Meanwhile, oil prices showed volatility ahead of U.S.-Iran discussions in Oman, keeping energy stocks in flux.