FX.co ★ TSX Pares Tuesday's Sharp Drop

The S&P/TSX Composite Index climbed by 1.1% to close at 30,104 on Wednesday, rebounding from a significant downturn in the prior session. Gains in commodity producer stocks helped counterbalance a generally risk-averse market atmosphere. The energy sector was at the forefront of this upswing, highlighted by a 4.5% surge in Suncor's shares following its better-than-anticipated third-quarter financial results and an increase in its dividend. Notable performances were also observed in Canadian Natural, Imperial Oil, and Cenovus. Key mining companies, including Agnico Eagle, Wheaton Precious Metals, and Barrick Gold, experienced increases ranging from 2.5% to 3.7%, driven by a recovery in gold prices. The technology sector showed strong performance as well, with CGI rising 5% and Celestica up by 5.1% after reporting stronger-than-expected earnings. On the economic front, Canada's Composite Purchasing Managers' Index (PMI) increased to 50.3 in October from 46.3 in September, indicating the first expansion in the private sector since November 2024. Meanwhile, Prime Minister Mark Carney's newly introduced budget reveals substantial new expenditure plans, potentially more than doubling this year's deficit to approximately C$78.3 billion.