FX.co ★ TSX Edges to Record High

The S&P/TSX Composite Index experienced a modest increase of 0.2% on Monday, reaching a new high of 33,091. This uptick was primarily driven by gains in precious-metal stocks, which helped counterbalance declines in the financial and certain cyclical sectors. Companies linked to gold saw notable performance boosts, thanks to rising bullion prices. Agnico Eagle climbed by 2.8%, Barrick by 1.8%, Wheaton Precious by 1.6%, and Franco-Nevada also by 2.8%. Earlier in the trading session, stocks had softened in response to stronger-than-expected December inflation figures, with the headline Consumer Price Index (CPI) increasing by 2.4% year-over-year. This development renewed worries about persistent inflation, despite the Bank of Canada's core measures which unexpectedly fell short, leaving policy projections uncertain. Technology stocks lagged, with Shopify declining by 1.3% and Constellation Software by 1.9%. Additionally, bank stocks were under pressure, amid concerns that high borrowing costs could exacerbate household credit risks.