FX.co ★ TSX Rises for 2nd Consecutive Session

The S&P/TSX Composite Index increased by approximately 1%, surpassing the 24,500 level on Wednesday. This continues the positive trend from the previous day. President Trump's decision not to replace Federal Reserve Chair Jerome Powell, along with his indication of a significant tariff reduction on Chinese goods, bolstered confidence in the independence of U.S. monetary policy and improved trade outlooks, driving North American stocks higher. On a national level, the recent federal election resulted in uncommon bipartisan agreements to fast-track energy infrastructure initiatives designed to lessen U.S. reliance on imports, thereby benefiting both upstream producers and midstream operators. The technology sector led the advance with notable gains: Shopify surged over 10%, Constellation Software increased by 2.3%, CGI grew 2.1%, and Celestica rose by 10.7%. Large financial firms also showed strong performance, including RBC (up 1.3%), Brookfield (up 5.2%), BMO (up 1.8%), and Scotiabank (up 2.8%). However, substantial losses by key mining companies—Agnico Eagle, Wheaton Precious, and Barrick Gold each fell by over 4%—limited the overall rise of the index.