FX.co ★ TSX Set for Weekly Gains

The S&P/TSX Composite Index edged up by 0.2% on Friday, surpassing the 25,320 mark, setting the stage for a weekly increase of over 1%. This rise is largely attributed to higher commodity prices, which have fortified this resource-rich index. The energy sector was at the forefront of this growth, with major players such as Canadian Natural, Suncor, Imperial Oil, and Cenovus seeing gains ranging from 1% to 2.2%. Likewise, prominent mining companies, including Agnico Eagle, Wheaton Precious Metals, Barrick Gold, and Franco-Nevada, experienced positive trading momentum. On the domestic economic stage, Statistics Canada announced the creation of 7,400 jobs in April, accompanied by a slight increase in the unemployment rate to 6.9%. This suggests that consumer spending remains robust despite job reductions in manufacturing, largely due to US import tariffs. On the international front, market optimism was buoyed by President Trump's announcement of a trade agreement between the US and the UK, along with hints of possible reductions in tariffs on Chinese imports prior to the weekend talks, alleviating trade tensions and driving gains across North American and Asian markets.