FX.co ★ TSX Lifted by Major Mining Equities

The S&P/TSX Composite Index rose by 0.2%, closing at 27,364 on Tuesday. This movement edged the index closer to reaching record highs, driven predominantly by a strong performance in the materials sector, which counterbalanced declines in the technology sector. Notably, the rally in gold prices benefited companies such as Agnico Eagle, Wheaton Precious Metals, Barrick Gold, and Franco-Nevada, which saw gains between 1.3% and 4.2%. Additionally, near-record copper prices bolstered Ivanhoe Mines and First Quantum, resulting in increases of 7% and 2.7%, respectively. However, Shopify experienced a 4.2% decline, which tempered the overall market gains. Canadian National Railway, on the other hand, traded positively in anticipation of its earnings release after market hours. Meanwhile, investors are closely monitoring potential trade risks, including upcoming talks between Treasury Secretary Bessent and Chinese officials that could extend the August 12th deadline. Speculation around the White House's potential new tariff measures or pre-August 1st trade agreements is introducing a significant geopolitical element to the day’s market dynamics.