FX.co ★ TSX Edges Higher on Wednesday

The S&P/TSX Composite Index edged up approximately 0.2%, surpassing the 31,100 mark on Wednesday. This movement reflects investor reactions to earnings reports from leading banks and increased commodity prices. The Royal Bank of Canada saw shares climb over 1% following a robust fourth-quarter profit fueled by its capital markets division, along with a 7% boost in its quarterly dividend. In contrast, the National Bank of Canada remained mostly unchanged, despite profit gains supported by its wealth management sector. Meanwhile, TD Bank (-0.4%), BMO (+0.4%), and CIBC (+0.3%) are slated to release their earnings later in the week. The materials sector propelled the index upward, with notable gains from Ivanhoe Mines, which surged more than 5%, First Quantum, which increased over 4.5%, and Teck Resources, advancing approximately 2.5% in response to a copper rally. The oil market also saw strengthening, benefiting energy stocks, while gold prices rose modestly, bolstering major mining companies. However, technology stocks contributed to a slight trimming of the index's overall gains.