FX.co ★ TSX Closes Higher on Miners and Banks Gains

The S&P/TSX Composite Index advanced 0.7% to close at 36,620 on Friday, driven by gains in mining and banking stocks. Gold prices held steady near recent highs after the United States signaled it would increase Treasury note and bond buybacks in the secondary market. Among miners, Agnico Eagle rose 2.3%, Barrick added 2.9%, and WPM climbed 4.9%. Financials also traded mostly higher after weaker-than-expected retail sales data, as softer consumer spending strengthened expectations that the Bank of Canada will leave interest rates unchanged next week. BMO gained 0.6%, while Scotiabank advanced 1%. Fairfax Financial (+0.2%)—considered a leading candidate to acquire the Indian government’s stake in IDBI Bank—is expected to be given up to two years to consolidate its Indian banking assets, a move that could streamline the acquisition process. In contrast, retailers mostly declined, with ARD slipping 0.4%, Loblaw falling 0.7%, and Dollarama down 0.5%.