FX.co ★ TSX Hovers Above the Flatline

The S&P/TSX Composite Index remained just above the flatline at the 27,340 mark on Tuesday, positioning itself to potentially reach new record highs. This movement was primarily driven by a resurgence in materials stocks, which compensated for some weaknesses observed in the technology sector. Notably, significant mining companies such as Agnico Eagle, Wheaton Precious Metals, Barrick Gold, and Franco-Nevada each experienced gains of approximately 1%, buoyed by stronger gold prices. Additionally, Ivanhoe Mines and First Quantum saw nearly 1% increases, spurred by copper approaching its record high levels. Conversely, a decline of over 1% in Shopify shares limited the index's overall progression. Meanwhile, Canadian National Railway shares saw upward movement as investors eagerly anticipated its results set to be released after market hours. Market participants are also closely monitoring tariff updates, with Treasury Secretary Bessent’s forthcoming discussions with Chinese officials fueling hopes of an extension beyond the August 12th deadline. At the same time, there is speculation around possible unilateral tariff announcements or trade agreements before August 1st, as signaled by the White House.