FX.co ★ TSX Futures Rise on Oil and Gold Gains

Futures linked to Canada’s S&P/TSX Composite Index experienced an upswing on Thursday, underpinned by increases in oil and gold prices. The oil market saw a rise due to sanctions imposed on Russian energy corporations, providing a boost to the energy sector following Wednesday's performance. Canadian Natural Resources, Suncor Energy, and Imperial Oil are anticipated to continue their upward momentum. In corporate developments, Precision Drilling reported a shift to a quarterly net loss attributed to increased US tax expenses. Meanwhile, gold prices surged amid rising geopolitical tensions following new US sanctions on Russia and proposed export controls targeting China, enhancing the appeal of safe-haven investments. This situation fosters positive sentiment for Canada’s resource-heavy index, particularly benefiting prominent gold mining companies such as Agnico Eagle and Barrick. Upcoming retail sales data for August is predicted to reflect a 1% increase, potentially bolstering retailers including Alimentation Couche-Tard, Dollarama, and Loblaw. Additionally, Prime Minister Mark Carney announced that the forthcoming budget aims to lessen dependency on the US and curtail excessive spending, which has positively influenced market sentiment.