FX.co ★ TSX Kicks Off June With A Record High

The S&P/TSX Composite Index rose by 0.8%, reaching a record closing high of 26,389 on Monday. This strong start to June was bolstered by increases in gold and oil prices, benefiting the resource-rich Toronto stock market. Significant contributors to these gains included major mining companies such as Agnico Eagle, Wheaton Precious Metals, Barrick Gold, and Franco-Nevada, which each soared by more than 5%. This surge was prompted by escalating tensions in the Middle East and new tariff threats, which in turn heightened demand for gold as a safe haven asset. Energy stocks also saw upward movement as oil prices rose after OPEC+ announced only moderate supply increases for July. Meanwhile, the financial sector remained stable as markets anticipated Wednesday's Bank of Canada interest rate decision. Analysts expect a pause in rate changes due to mixed signals from April’s inflation data, which showed a decrease in headline CPI to 1.7%, contrasted by a rise in core inflation to 2.9%. Despite President Trump's intention to double steel and aluminum tariffs to 50% on Wednesday, the Canadian market remains somewhat insulated thanks to its diversified trade partnerships beyond the United States.