The S&P/TSX Composite Index climbed 1.5% to close at 36,137 on Thursday, as banking and technology shares staged a strong rebound from earlier losses. A decline in global bond yields bolstered risk appetite, reversing the flight to safety that followed a recent selloff in major Wall Street chipmakers and had driven investors into government bonds.
Canada’s benchmark 10-year bond yield fell roughly 8 basis points, underpinning broad-based gains across sectors. Interest-rate-sensitive financials outperformed, with Royal Bank of Canada up 1.1%, TD Bank advancing 1.5%, and National Bank of Canada rising 1.9%. Retailers also strengthened, led by a 5% jump in Loblaw and a 2.7% gain in Dollarama.
The earlier selloff in semiconductor names eased markedly, while most US hyperscalers finished higher, providing a tailwind for Canadian technology stocks. Shopify added 2.9%, and Constellation Software surged 4.6%. Celestica still closed 3.1% lower but pared deeper earlier losses.
Higher gold and silver prices further supported the market, lifting mining shares. Agnico Eagle gained 5.7%, Barrick Gold added 4%, and Wheaton Precious Metals advanced 2.5%.
