FX.co ★ TSX Struggles for Direction

On Tuesday, the S&P/TSX Composite Index experienced fluctuations, hovering around the 29,980 threshold as it grappled to maintain its record level. This struggle was attributed to declines in oil and metal prices, alongside investor concerns over the potential implications of a US government shutdown, which could hinder the release of crucial economic data. The energy sector was at the forefront of the downturn, with Canadian Natural Resources, Suncor, Imperial Oil, and Cenovus experiencing declines ranging between 1.0% and 2.3% due to an anticipated increase in OPEC+ supply. Meanwhile, the financial sector provided some stability, as shares of TD Bank rose by over 1.5%. Despite these challenges, the TSX remained poised to conclude a robust third quarter, showcasing an impressive growth of over 11%.