FX.co ★ TSX Retreats from Record High

On Thursday, the S&P/TSX Composite Index experienced a downturn, closing 0.6% lower at 30,459, pulling back from its record highs. The decline was predominantly driven by significant losses in the financial and energy sectors. Among the financial heavyweights, Royal Bank of Canada (RBC), Toronto-Dominion Bank (TD), Brookfield, Bank of Montreal (BMO), and Scotiabank fell between 0.8% and 2.8%, amid renewed concerns over bank credit quality following substantial loan losses reported by Zions Bancorp and Western Alliance. In the energy sector, leading companies like Canadian Natural Resources, Suncor, Imperial Oil, and Cenovus saw their shares drop between 1.4% and 3.2%, as crude oil prices hit their lowest level since May.

Contrastingly, Celestica's stock rose by 3.7% after Goldman Sachs initiated coverage with a "Buy" rating and a $340 price target. The investment bank highlighted Celestica's strong demand in AI infrastructure and its capability to scale for hyperscale data centers as key positive factors. Additionally, mining companies Agnico Eagle Mines, Wheaton Precious Metals, Barrick Gold, and Franco-Nevada outperformed, gaining between 2.8% and 3.8%, benefiting from gold prices that continued to approach new highs.