FX.co ★ TSX Reaches New Record High

The S&P/TSX Composite Index increased by 0.8% on Thursday, closing at 25,898, marking its eighth consecutive day of gains and reaching a new all-time high. This upward trend was primarily driven by the strength in the mining and financial sectors, which offset the declines observed in the energy sector. Gold-related companies led the charge: Agnico Eagle, Wheaton Precious Metals, Barrick Gold, and Franco-Nevada each saw their shares rise between 1.6% and 2.9% as gold prices rebounded. Furthermore, the large-cap Royal Bank of Canada (RBC) added 1.7%, supporting the overall momentum within the financial sector. Nevertheless, gains were tempered by significant declines in major energy companies—Canadian Natural Resources, Suncor, Imperial Oil, and Cenovus—which fell between 1.1% and 1.7% due to weakening oil prices. On the economic front, housing starts in April surged by 30% to 278,606 units, up from 214,205 in March, indicating a resurgence in residential construction. This growth occurred despite a 1.4% decrease in manufacturing sales in March, affected mainly by downturns in the primary metals and petroleum and coal products industries.