FX.co ★ TSX Reaches New Record High

The S&P/TSX Composite Index increased by 0.4% to close at 26,524 on Wednesday, surpassing the high recorded last week. This upward trajectory was supported by rising oil prices and improving trade relations between the U.S. and China, boosting Canadian equities. In the tech sector, Shopify was a standout performer with a 3.5% gain. Meanwhile, energy giants such as Canadian Natural Resources, Suncor, Imperial Oil, and Cenovus saw their stock prices rise between 1.6% and 3.2%. Meanwhile, in London, negotiators agreed to reinstate the Geneva trade agreement from the previous month and remove China's restrictions on rare-earth exports, a development likely to enhance demand expectations for Canadian mining exporters. However, these gains were partly balanced by a report from Statistics Canada, which indicated a 6.6% decline in building permits for April, totaling C$11.7 billion, negatively affecting shares of construction-materials and heavy-machinery companies.