FX.co ★ TSX Reaches Historic High

The S&P TSX Composite Index experienced a 1.1% increase, closing at an unprecedented high of nearly 32,220 on Monday. This surge was fueled by a strong demand for safe-haven assets following the capture of Venezuelan leader Nicolás Maduro by the US over the weekend. The incident significantly heightened precious metal prices, providing a substantial boost to mining stocks. As a result, gold surged close to 2%, leading to over 2.7% gains for prominent mining companies such as Agnico Eagle, Barrick, and Wheaton Precious. The technology sector also contributed to the index’s rise, with Shopify jumping by 6%. Conversely, energy stocks faced a decline. Anticipation of renewed US and corporate access to Venezuela’s extensive crude reserves affected the prospects for Canadian oil demand. Consequently, shares of Canadian Natural Resources, Suncor, Imperial Oil, and Cenovus fell between 1.4% and 6%. On the economic front, investors exercised caution as they anticipated crucial labor market reports from both the US and Canada, slated for release later in the week.