FX.co ★ TSX Rises to Over 1-Month High

On Thursday, the S&P/TSX Composite Index increased by 0.4% to settle at 25,254, reaching its highest level in over a month. This rise was primarily driven by a surge in energy stocks due to rising oil prices and a series of encouraging corporate results. Leading the upswing, Cenovus saw a significant jump of 9.1%, following the release of its first-quarter earnings, which exceeded analysts' expectations. Additionally, Canadian Natural advanced by 5%, helped by strong production figures and higher-than-predicted profit margins. Suncor and Imperial Oil also experienced gains, rising by 1.5% and 2%, respectively. However, Shopify, a significant player in the market, ended the day 0.3% lower. Its softer growth in gross merchandise volume and a slowdown in subscription revenue overshadowed the positive reception of its revenue outperformance.

Moreover, the markets were buoyed by an announcement from US President Donald Trump about a comprehensive trade agreement between the US and the UK. This initiative is notably the first deal since tariffs were levied, sparking optimism about the potential reduction of trade barriers and bolstering the risk appetite among global equity investors.