FX.co ★ TSX Nears Record High on Mining Rally

The S&P/TSX Composite Index rose nearly 1% on Friday, moving back above the 35,000 level and nearing record territory, led by gains in gold miners. The advance in gold prices followed a weaker-than-expected US nonfarm payrolls report for June, with job growth coming in at roughly half of forecasts and reinforcing expectations for a more dovish Federal Reserve. Shares of Agnico Eagle, WPM, and Barrick each climbed about 2%.

In corporate news, BHP Group agreed to transfer its San Manuel property in Arizona to Faraday Copper, whose shares gained 1.5%, in exchange for a 30% equity stake in the Canadian miner. Faraday aims to build a copper hub around its nearby Copper Creek project.

Oil prices hovered near pre-conflict levels, supported by optimism around potential US-Iran peace efforts. The resulting easing of energy-driven inflation concerns underpinned financials, with Scotiabank and BMO both advancing nearly 1%.

Separately, AtkinsRéalis added 1% after indicating that Turkey could open formal talks on a CANDU nuclear power plant, pending completion of an initial reactor review expected later this summer.