FX.co ★ TSX Poised to Set Record High and Weekly Gains

The S&P/TSX Composite Index experienced a rise of approximately 0.6%, surpassing 30,300 for the first time on Friday. This development placed the Toronto stock market on course for a weekly increase exceeding 1.8%. The advance was driven by gains in technology and commodity-producing sectors, while optimism regarding a potential near-term interest rate cut by the Federal Reserve overshadowed apprehensions about a potential U.S. government shutdown. Notably, Shopify saw a nearly 6% surge after Rothschild Redburn increased its price target from $180 to $200, maintaining a Buy rating. This adjustment was attributed to OpenAI’s Instant Checkout integration, viewed as a new avenue for monetization. Within the mining sector, companies such as Agnico Eagle, Wheaton Precious Metals, and Franco-Nevada outperformed, each gaining around 1% to 1.2% as gold prices reached unprecedented levels. Energy producers also showed resilience, with oil prices stabilizing following a sharp decline earlier in the week. From an economic perspective, Canada's manufacturing PMI remained in contraction territory at 46.3 for the tenth consecutive month, underscoring expectations for a more accommodative policy environment.