TSX Sees New Highs

Canada's S&P/TSX Composite Index rose 1.1% to close at a record 34,502 on Thursday, as momentum in technology, gold, and financials offset a decline among major banks. The banking sector saw CIBC surge 2.9% and TD Bank add 1.6% after exceeding quarterly estimates, while RBC tumbled 2.1% amid rising credit cost concerns. Technology shares provided a significant boost, with Shopify gaining 4.6% and Constellation Software jumping 6%. Gold miners also supported the index as Agnico Eagle rose 2.6% and Wheaton Precious Metals added 2.3%. Energy heavyweights underperformed as Enbridge and Suncor fell roughly 0.4% amid soft crude prices. In the industrial space, Stantec jumped 5.5%, while Celestica and Gildan Activewear fell 5.2% and 3.1% respectively following disappointing data. Investors anticipated tomorrow's GDP figures.

Canada's S&P/TSX Composite Index hovered around record high at 34,130 amrk on Thursday as strong financial sector earnings offset widespread weakness in energy and mining shares. The market reacted to fourth quarter results where TD Bank rose 0.9% and CIBC jumped 2.9% after both institutions exceeded profit expectations. However, mega-cap RBC lost nearly 2%. as concerns over rising credit costs and a potential peak in net interest margins overshadowed a record quarterly profit. Meanwhile, the energy sector lagged after Suncor fell 0.9% and Canadian Natural Resources dropped 1.1% due to sliding crude prices. Mining stocks also faced headwinds as Barrick Gold slipped 1% and Teck Resources retreated 2%. Meanwhile tech shares provided a tailwind as Shopify gained 1.6% following Nvidia's positive revenue outlook. In the industrial space Gildan Activewear plummeted over 5% and CCL Industries fell 1.2% following disappointing revenue data.

Futures tracking the S&P/TSX Composite index were muted on Thursday as robust earnings from major banks offset weakness for oil producers. Both RBC and TD Bank beat their profit estimates in the fourth quarter, while CIBC posted a 47% jump in annual profits. In contrast, energy stocks were pressured by falling oil quotes with Iran's pledge to show flexibility in nuclear talks and OPEC+'s potential output increase. Meanwhile, gold edged up, offering slight support to miners. After-hours in the prior session, CCL Industries missed Q4 revenue estimates, while Stantec beat profit forecasts. In other news, Nvidia's upbeat Q1 revenue outlook gives support to North American tech shares, including Shopify.