TSX Futures Rise as Gold Rebounds

The S&P TSX Composite climbed 1.5% to close above 32,471 on Friday, rebounding from the prior session’s selloff and securing solid weekly gains of 1.7% as strength in mining and technology stocks outweighed lingering macro caution. Support came from January labour data showing the unemployment rate unexpectedly falling to 6.5%, which eased near term growth concerns even as a modest drop in net employment tempered expectations of a sharply more hawkish Bank of Canada. Technology shares led the advance, with Open Text surging 9.7% after strong earnings, Celestica rising 4.7%, and Shopify firming alongside a rebound in major US tech names. Resource stocks also outperformed, with Agnico Eagle, Barrick, Wheaton Precious Metals, and Franco Nevada gaining between 2.7% and 3.7% as gold prices surged. Energy shares were more mixed as oil prices remained volatile ahead of US Iran talks in Oman.

The S&P TSX Composite climbed over 1% to above the 32,300 level on Friday, rebounding from a sharp selloff in the prior session and setting the Toronto exchange for weekly gains as gains in technology and mining shares offset broader caution. Support came from January labour data showing the unemployment rate unexpectedly falling to 6.5%, which helped lift sentiment even as an unforeseen drop in net employment tempered the impact of markets reassessing a more hawkish Bank of Canada outlook. Technology stocks led the advance, with Open Text surging more than 6.5% after solid quarterly results, Celestica rising over 6%, and heavyweight Shopify gaining close to 3% alongside a recovery in major US tech names. In the resources space, Agnico Eagle, Barrick, Wheaton Precious Metals, and Franco Nevada advanced between 2.6% and 3.5% as gold prices jumped nearly 3%. Meanwhile, oil prices fluctuated ahead of US Iran talks in Oman, keeping energy shares volatile.

Futures tracking Canada’s S&P/TSX Composite Index rose on Friday, pointing to a positive open after a sharp selloff in the previous session, on gains for miners and optimistic unemployment. The domestic unemployment rate unexpectedly fell to 6.5% in January, while an unexpected drop in net employment limited the impact of markets pricing a more hawkish BoC. Mining stocks found support with gold climbing nearly 3%. Meanwhile, oil prices swung between gains and losses ahead of US–Iran talks in Oman, keeping energy shares volatile. On the corporate front, Saputo reported third-quarter revenue after Thursday’s close that missed expectations, while ARC Resources posted stronger-than-expected fourth-quarter revenue. Capstone Copper said full operations have resumed at Chile’s Mantoverde mine following the end of a labor strike.