FX.co ★ TSX Reaches New Record High

The S&P/TSX Composite Index increased by 0.4%, setting a new record high of 26,719 on Tuesday. This achievement was supported by a reduction in geopolitical tensions and positive data from within the country. The oil sector experienced a notable 6% decline in prices due to a tentative ceasefire between Israel and Iran, which alleviated pressure on industries sensitive to fuel costs. This allowed transportation and consumer-discretionary stocks to recover. Technology and financial sectors were at the forefront of this upward trend, with Shopify advancing by 4.0% and Constellation Software rising by 1.6%. Additionally, Brookfield increased by 2.9%, and Canada's major banks, including RBC, TD Bank, and BMO, each saw gains exceeding 0.8%. On the economic front, Canada's headline Consumer Price Index remained steady at 1.7% year-over-year in May. This figure is below the Bank of Canada's 2% target for the second month in a row, reinforcing the perception that inflationary pressures within the country are under control.