FX.co ★ TSX Sets Record High on Wednesday

The S&P/TSX Composite Index experienced a modest increase of 0.2%, closing at a new record high of 33,176 on Wednesday. The rally was primarily driven by robust performances in the gold and energy sectors, which helped counteract the widespread profit-taking as investors absorbed the recent monetary policy decision from the Bank of Canada. The ascent in gold prices once again boosted major mining companies such as Agnico Eagle, Barrick Gold, Wheaton Precious Metals, and Franco-Nevada, with gains ranging from 1.4% to 4.2%. Additionally, energy sector stocks rallied as rising oil prices favored Canadian Natural Resources, Suncor Energy, and Cenovus Energy, with increases between 0.8% and 1.7%. Conversely, the banking sector dampened overall market performance, with notable declines seen in Royal Bank (-1.4%), TD Bank (-2.7%), and Scotiabank (-1.4%). In its latest announcement, the Bank of Canada maintained its policy rate at 2.25%, aligning with expectations, and reaffirmed that the current monetary settings are suitable. The central bank also projected continued steady growth and inflation close to 2%, while highlighting the ongoing uncertainty posed by U.S. tariff policies.