FX.co ★ TSX Rises on Mining and Major Banks Gains

The S&P/TSX Composite Index climbed nearly 1%, lifted by strength in mining and banking stocks. Gold prices extended their gains after the US signaled plans to increase buybacks of Treasury notes and bonds in the secondary market. Among miners, Agnico Eagle advanced more than 1.5%, Barrick rose about 2%, and WPM added over 3%.

Major banks also moved higher after weaker retail sales estimates pointed to softer consumer spending, reinforcing expectations that the Bank of Canada will leave interest rates unchanged next week. RBC, TD Bank, and BMO each gained around 1%.

In corporate developments, Fairfax Financial (+0.7%)—considered a leading contender to acquire the Indian government’s stake in IDBI Bank—is expected to receive up to two years to consolidate its banking interests in India, a move that could streamline the acquisition. Retailers were mostly weaker, with Dollarama falling more than 0.5%.