FX.co ★ TSX Sets Fresh Record High and Monthly Gains

The S&P/TSX Composite Index experienced a 0.6% increase, closing at 31,383 on Friday. This surge contributed to a 3.8% rise for the month of November, setting a new record as markets responded to a robust Q3 GDP report. Canada's economy expanded at an annualized rate of 2.6% during the third quarter, significantly surpassing the anticipated 0.5% growth and thereby avoiding a second straight quarter of contraction. This data arrived in the context of the Bank of Canada's evaluation of economic momentum before its upcoming policy decision in December. Concurrently, gold prices rose due to renewed optimism about a potential interest rate cut by the Federal Reserve next month, benefiting Canadian mining companies, notably Wheaton Precious Metals, which saw a 2.7% increase. Additionally, oil prices climbed as protracted peace negotiations between Russia and Ukraine sustained geopolitical tensions, aiding local producers such as Canadian Natural Resources, which experienced a 1.2% gain. In corporate developments, CIBC upgraded Canadian National Railway from "neutral" to "outperform," resulting in a 1.5% rise in its stock.