FX.co ★ TSX Renews Record High

The S&P/TSX Composite Index climbed 1.1% to reach an unprecedented closing level of 29,768 on Friday, standing out among its US counterparts. This was largely driven by a surge in precious metals producers and bolstered by rate-sensitive sectors such as technology and financials, following recent interest rate cuts by both the Bank of Canada and the Federal Reserve. These actions, along with anticipations of additional easing next year, have provided a supportive backdrop. Among the standout performers in the mining sector were Agnico Eagle, Wheaton Precious Metals, Barrick, and Franco Nevada, which saw gains ranging from 2.7% to 9.7%. Additionally, prominent companies like Brookfield and Shopify posted increases of 1.5% and 0.9% respectively, further propelling their sectors forward. On the economic front, preliminary estimates suggest a significant approximately 1% month-over-month rise in Canadian retail sales for August, marking the second-largest increase this year, effectively counteracting July's 0.8% decline and aligning with market projections. The Toronto Stock Exchange logged its seventh consecutive weekly gain, advancing 1.7% over the period.