FX.co ★ TSX Posts Historic High, Weekly Gains

The S&P/TSX Composite Index experienced a 0.7% increase, reaching a record high of 32,613 on Friday, culminating in a weekly rise of 2.3%. This performance was bolstered by strong performances among commodity producers, as investors reviewed crucial employment data. Gold mining companies, including Agnico Eagle, Barrick, Wheaton Precious Metals, and Franco-Nevada, saw their shares climb by 1.1% to 2.9%. This was prompted by a surge in bullion prices following US employment figures that indicated a labor market characterized by low hiring and firing rates, aligning with a projection of lower interest rates. Energy stocks also performed well, with companies like Canadian Natural Resources, Suncor, and Imperial Oil each rising by over 1.8% as crude oil prices continued their rebound for a second consecutive session. Domestically, December's employment figures revealed moderate job growth alongside an unemployment rate of 6.8%, which was slightly higher than expected. This data suggests emerging slack in the labor market and supports the Bank of Canada's perspective that its 2.25% policy interest rate remains sufficiently restrictive.