FX.co ★ TSX Surpasses the 31,900 Mark for the 1st Time

On Monday, the S&P/TSX Composite Index ascended approximately 0.5%, surpassing 31,900 to a new record high. This rise was chiefly driven by gains in gold and energy producers during a week shortened by holidays, a period historically beneficial for equities. Notably, leading miners such as Agnico Eagle, Barrick, and Wheaton Precious Metals experienced increases between 2.3% and 3.4%. This uptrend in mining stocks was bolstered by gold prices which soared past $4,400 per ounce, fueled by anticipations of US interest rate cuts and sustained demand for safe-haven assets. The energy sector also performed robustly, with Canadian Natural, Suncor, and Cenovus recording increments between 1% and 1.7%, as oil prices climbed following reports from US officials about the interception of an oil tanker in international waters near Venezuela, escalating concerns regarding possible supply disruptions. In corporate developments, Brookfield announced a mixed shelf offering yet did not specify its magnitude. Investors are now turning their attention to forthcoming US GDP data slated for release later this week.