FX.co ★ TSX Nears Record High on Banking and Energy Gains

The S&P/TSX Composite Index inched higher on Wednesday to trade above 37,000, extending its climb toward another record high as investors digested a fresh round of bank earnings. BMO (+0.3%) and Scotiabank (+2%) advanced after posting stronger-than-expected quarterly results on Tuesday, while RBC (+0.5%), TD Bank (+1%) and CIBC (+0.3%) are slated to report on Thursday. National Bank, however, fell nearly 5% despite delivering third-quarter profit that beat analyst estimates.

Energy stocks gained even as oil prices softened amid renewed talks between Iran and Oman, with crude still trading at elevated levels and the outlook for a potential US-Iran peace deal remaining uncertain. Canadian Natural, Suncor and Cenovus each rose about 1%.

Mining shares mostly declined as gold prices retreated following US PCE data that topped forecasts, bolstering expectations for another Federal Reserve rate hike. Agnico Eagle, Barrick and Franco-Nevada slipped more than 1%, while WPM dropped over 2%.