FX.co ★ TSX Poised to Set Record High

On Wednesday, the S&P/TSX Composite Index advanced by approximately 0.4%, surpassing the 30,100 mark for the first time. This upward movement was driven by significant gains in major mining companies and Canadian technology stocks, which helped counteract a decline in Wall Street. The downward trend in the U.S. was influenced by concerns over a partial government shutdown potentially delaying crucial employment statistics and creating uncertainty about the direction of interest rates. Investors continue to exercise caution due to a decelerating labor market, ongoing inflationary pressures, and high equity valuations that consolidate gains. In response, safe-haven buying propelled gold prices to new highs, benefiting companies such as Agnico Eagle, Wheaton Precious Metals, Barrick, and Franco Nevada, with their stocks increasing by between 0.9% and 2.4%. Canadian technology firms provided additional support, with Shopify's shares rising by about 0.5% and Constellation Software climbing by over 2%. The financial and energy sectors also experienced solid gains, contributing to the positive momentum of the TSX.