FX.co ★ TSX Lifted by Miners

On Monday, the S&P/TSX Composite Index experienced a 0.4% increase, surpassing the 31,650 mark, primarily propelled by advancements in the mining and technology sectors. This rise came as market participants analyzed the latest Canadian inflation figures. Leading the charge, mining stocks saw significant gains: Agnico Eagle rose approximately 1.5%, Barrick Gold advanced over 2%, and Wheaton Precious Metals increased by nearly 1%. These movements occurred alongside gold prices approaching record highs, driven by growing expectations of a more accommodative approach from the US Federal Reserve. The technology sector also rebounded following a substantial sell-off last Friday, which was triggered by concerns surrounding persistent inflation and AI investment fueled by debt. Notably, Shopify's shares climbed by more than 1.5%. The financial sector provided additional support, while gains were tempered by energy stocks, which struggled as oil prices hovered near their lowest point since early 2021. In macroeconomic news, Canada’s headline inflation remained consistent at 2.2% in November, mirroring October's figures and falling short of the anticipated 2.3%. Moreover, the Bank of Canada’s preferred trimmed mean measure dropped to a ten-month low of 2.8%, which reinforces the perspective that inflation is slowly aligning with the 2% target.