FX.co ★ TSX Hits Fresh High for the 8th Straight Session

The S&P/TSX Composite Index climbed by 0.5% to reach an unprecedented high of 29,051 on Friday. This upturn marks its eighth consecutive record-setting performance, culminating in a weekly increase of 1.7%. Market participants remained optimistic about amplified liquidity in North American financial arenas, spurred by jobs data revealing an unforeseen loss of approximately 65,500 positions in August, alongside a rise in the unemployment rate to 7.1%. These indicators heightened expectations of monetary easing from the Bank of Canada. The gains were widespread, with key mining companies such as Agnico Eagle (rising 2.5%), Wheaton Precious Metals (up 1.7%), Barrick Mining (ascending 4.5%), and Franco-Nevada (up 2.2%) at the forefront, driven by a bullion surge as forecasts for multiple Federal Reserve rate cuts decreased the opportunity cost of holding metals that do not yield returns. Celestica notably excelled, with its shares increasing by 9.9% and reaching new peaks. However, the TSX's forward movement was slightly restrained later in the session due to declines in oil prices, following an unexpected build-up in US crude inventories and renewed deliberations within OPEC+ impacting energy stocks.