The S&P/TSX Composite Index jumped 1.9% on Friday to close at 33,074, capping a 1.9% gain for the week as softer-than-expected US inflation data boosted risk appetite and lifted rate-sensitive and commodity-linked stocks. January US CPI decelerated to 2.4%, easing pressure on Treasury yields and the US dollar. The move supported a rebound in gold prices after the previous session’s selloff, driving strong gains among miners, including Agnico Eagle (up 5.5%) and Barrick Gold (up 5.6%).
Energy stocks underperformed as weaker crude prices and rising supply curbed momentum in the sector, partially offsetting the strength in materials. Elsewhere, Magna rallied 18.9% after reporting upbeat quarterly results, adding significant support to industrials. Air Canada climbed 3.7% following an optimistic 2026 core-profit outlook, further buoying industrial and travel-related names.
Even with the latest advance, the index remains below recent highs as investors continue to assess the Federal Reserve’s policy trajectory and the sustainability of global economic growth.
