FX.co ★ TSX Rises on Commodity Producers

On Thursday, the S&P/TSX Composite Index experienced a notable increase of approximately 0.8%, surpassing the 30,200 level. This performance set the Toronto stock exchange apart from its U.S. counterparts, largely due to significant advances among commodity producers. Prominent energy companies such as Canadian Natural Resources, Suncor, Imperial Oil, and Cenovus saw their stock values rise between 2% and 3% in response to a surge in oil prices. This increase followed the announcement from Washington regarding sanctions imposed on key Russian oil firms, including Rosneft and Lukoil. In parallel, leading mining corporations like Agnico Eagle, Wheaton Precious Metals, Barrick, and Franco-Nevada experienced gains of 1% to 2%, as the gold market strengthened due to increased demand for safe-haven assets. This trend was influenced by escalating geopolitical tensions and the prospect of U.S. export restrictions on China, further underscored by President Trump's confirmation of plans to meet with Chinese President Xi Jinping. Domestically, preliminary data suggests retail sales are set to decline by 0.7% month-on-month in September, marking the third-largest decrease this year and counteracting the 1.0% increase observed in August.