FX.co ★ TSX Lifted by Bullion Stocks

The S&P/TSX Composite Index experienced a modest increase of 0.2%, closing at 31,244 on Tuesday, largely driven by a surge in bullion stocks. Investors were in anticipation of consecutive decisions from the central banks, namely the US Federal Reserve and the Bank of Canada. Market participants are anticipating a 25 basis point cut by the Fed and expect the Bank of Canada to maintain its current interest rates for an extended period. In the mining sector, silver stocks stood out, with Pan American Silver soaring by 11.1%, First Majestic Silver rising 7.2%, and Wheaton Precious Metals gaining 4%, bolstered by record highs in silver prices. Gold mining companies also saw advances, with Agnico Eagle and Barrick increasing 0.8% and 2.1%, respectively. Meanwhile, the financial sector demonstrated overall strength, with TD Bank, Manulife, and Sun Life posting increases ranging from 0.7% to 1.1%. In the technology sector, Shopify saw a gain of 0.9%. However, the energy sector faced a downturn as Enbridge, Canadian Natural Resources, and Cenovus each recorded declines of more than 1.0%.