FX.co ★ TSX Hits Fresh Record High

The S&P/TSX Composite Index experienced a robust uptick of 0.5%, closing at a new all-time high of 31,661 on Thursday. This rise was primarily fueled by a strong performance in mining stocks, which managed to outshine a sell-off in the technology sector prompted by renewed apprehensions regarding high valuations. Leading the charge were industry giants such as Agnico Eagle, Barrick Mining, and Wheaton Precious Metals, each posting gains ranging from 2.9% to 3.7%. Additionally, junior mining companies like OceanaGold, Pan American Silver, New Gold, and First Majestic Silver showed impressive growth, with increases between 3.3% and 6.9%. The global sentiment shifted towards risk aversion following weak financial results and cautious future guidance from Oracle, which negatively affected tech stocks worldwide, causing notable names like Shopify to decline by 2.4%. Concurrently, the Bank of Canada opted to maintain its policy rate at 2.25%, while the Federal Reserve reduced rates by 25 basis points. However, the prospect of further rate cuts remains uncertain due to existing data gaps, inflationary pressures, and the anticipated change in leadership at the Fed.