FX.co ★ TSX Sets Historic High

The S&P/TSX Composite index climbed by 1% to conclude at an unprecedented 30,472 on Friday, marking a 2.4% gain for the Toronto exchange for the week. This increase was driven chiefly by advances in technology and commodity sectors, as investor optimism over a prospective near-term reduction in Federal Reserve interest rates outshone concerns regarding a potential U.S. government shutdown. Share prices for mega-cap company Shopify surged by 6.5%, following Rothschild Redburn's decision to raise the company's price target from $180 to $200, maintaining a Buy rating and noting OpenAI’s Instant Checkout as a new revenue-generating opportunity. Constellation Software also saw gains, rising approximately 3.3%. Meanwhile, the mining and energy sectors performed robustly; gold prices reached new heights, and oil prices stabilized after a dramatic downturn earlier in the week. On the economic data front, Canada's manufacturing PMI remained in the contraction territory at 46.3 for the tenth consecutive month, consistent with ongoing expectations of a more accommodative policy environment.