FX.co ★ TSX Hovers Near Record Highs

On Thursday, the S&P/TSX Composite Index hovered around the 33,020 mark, showcasing an indecisive trend after posting a weekly gain of approximately 1.3%. This advance was characterized by several instances of record highs, mainly propelled by the robust performance of the energy and technology sectors. Shares of Canadian Natural Resources, Suncor, Imperial Oil, and Cenovus saw increases ranging from 0.6% to 1.6% as crude oil prices rebounded. This recovery partially offset the previous session's dip, as market participants reevaluated the potential risks to global supply, particularly given the reduced likelihood of direct military altercations between Iran and the United States. Furthermore, the technology sector experienced an uplift, driven by impressive results from TSMC, which bolstered demand forecasts across the AI and broader computing supply chain.

Additionally, the trade outlook showed signs of improvement after discussions between Prime Minister Carney and a Chinese delegation hinted at possible tariff reductions for electric vehicles and canola, following prior trade disputes with the United States. However, these gains were tempered by a downturn in copper mining stocks, with Teck Resources, First Quantum, and Ivanhoe each experiencing declines of over 2%.