FX.co ★ TSX Recovers Further on Wednesday

On Wednesday, the S&P TSX Composite Index experienced a modest increase of approximately 0.2%, surpassing the 32,400 threshold. This uptick was primarily driven by a significant rebound in precious metals and firm crude oil prices, which sparked a shift towards commodity-related stocks. Leading the charge were gold mining companies, as Agnico Eagle, Wheaton Precious Metals, and Franco-Nevada all experienced gains ranging from about 0.8% to 2.5%, spurred by a surge in bullion prices. The energy sector also performed well, with Canadian Natural, Imperial Oil, and Cenovus advancing between 1.3% and 2% due to the uptick in oil prices. Suncor, on the other hand, saw an increase of over 2.5% following its release of fourth-quarter results that exceeded forecasts. Conversely, the technology sector lagged significantly, with Shopify and Celestica declining by over 7% and 4.5%, respectively. Meanwhile, domestic economic data has shown continued weakness, as evidenced by Canada's composite and services Purchasing Managers' Indexes (PMIs), indicating a further contraction in private-sector activity for January.