The S&P/TSX Composite Index experienced an uptick of nearly 0.5%, reaching a new milestone above the 25,150 level on Tuesday. This advance was supported by a robust performance on Wall Street and bullish sentiment surrounding Toronto's significant financial sector. Scotiabank saw its shares increase by more than 1% following its mixed second-quarter earnings report, in which a missed earnings figure was counterbalanced by the announcement of a 20 million share buyback initiative.
Further strengthening was observed among other banking stocks ahead of their anticipated earnings reports this week, with Royal Bank of Canada (RBC) and TD Bank each gaining approximately 0.5%. Concurrently, equities in more volatile sectors continued their upward trajectory, as the postponement of tariffs on the European Union by U.S. President Trump alleviated concerns of an impending trade war. Shopify led the charge, advancing over 2%, outpacing even the banking sector. Conversely, gold mining stocks saw a slight decline, with Agnico Eagle slipping just below the break-even point.
