Canada’s S&P/TSX Composite Index hovered near its record high at 34,130 on Thursday, as strong earnings in the financial sector helped offset broad-based weakness in energy and mining stocks. The market responded to fourth-quarter results, with TD Bank advancing 0.9% and CIBC climbing 2.9% after both lenders beat profit forecasts. In contrast, heavyweight RBC slipped nearly 2%, as worries about rising credit costs and a possible peak in net interest margins overshadowed its record quarterly earnings.
The energy sector underperformed, weighed down by weaker crude prices, with Suncor losing 0.9% and Canadian Natural Resources declining 1.1%. Mining shares also struggled: Barrick Gold eased 1%, while Teck Resources fell 2%. By contrast, technology names lent support to the index, with Shopify gaining 1.6% after Nvidia issued an upbeat revenue outlook. In industrials, Gildan Activewear tumbled more than 5% and CCL Industries dropped 1.2% following disappointing revenue figures.
