FX.co ★ TSX Edges to Record High

The S&P/TSX Composite Index nudged 0.1% higher to close at a new high of 32,917 on Wednesday. This rise was largely driven by robust performance in commodity sectors, which helped counterbalance significant downturns in the technology sector and certain financial stocks. Energy shares led the market, despite a notable drop in oil prices throughout the day. Noteworthy contributors included Canadian Natural Resources, which climbed 4.4%, Suncor at 3.3%, Imperial Oil with an increase of 3.1%, and Cenovus Energy, which advanced by 4.5%. The mining sector also bolstered gains, with Wheaton Precious Metals up by 1.9% and Cameco incrementing by 1.8%, supported by steady strength in the precious metals market. However, these advances were largely offset by substantial declines in technology and growth-focused companies, specifically Constellation Software which fell by 5.8% and Shopify which decreased by 5.9%, as well as pressures in certain financial segments, thus capping the overall market upswing. Simultaneously, attention remained on Prime Minister Mark Carney’s trade mission to China, as recent data indicated a significant drop in Canadian exports to China by 2025.