TSX Nears Record High on Mining Gains

The S&P/TSX Composite Index rose nearly 0.5% to trade above 35,000 on Friday, nearing record highs as mining stocks advanced. Gold prices rose, lifting miners, with Agnico Eagle and Barrick gaining about 1% each, WPM rising more than 1.5%, and Teck Resources extending gains by nearly 2% after beating profit estimates. Meanwhile, the oil rally paused, easing energy-driven inflation concerns. Lower bond yields supported financials and the broader market, with BMO, Scotiabank, and Brookfield gaining more than 0.5%. In technology, Constellation Software rose 1.5% and Shopify added nearly 0.5%, while Celestica fell about 5.5%, tracking a selloff in US chipmakers. Energy stocks traded higher as oil prices remained elevated despite the recent pullback. Canadian Natural added 0.5%, while Cenovus edged up ahead of its earnings report. Canadian National Railway, down 0.8%, is also set to report results today.

Futures tracking the S&P/TSX Composite Index moved higher on Friday as the rally for oil prices halted and cooled energy-driven inflation concerns. Lower bond yields supported financials and the broader market. Gold prices edged higher, lifting mining stocks. Elsewhere, Dutch engineering consultancy Arcadis said it had received a second unsolicited takeover bid from Canadian peer WSP Global. Earlier this week, the Trump administration imposed a 50% tariff on a range of Canadian imports, although the US is aiming to reach interim trade deals with Canada and Mexico by the end of 2026.

The S&P/TSX Composite Index lost 0.8% to close at 35,193 on Thursday as strong corporate earnings outweighed pressure from escalating Middle East tensions and renewed concerns over AI spending. Oil prices surged after fresh strikes near the Strait of Hormuz heightened fears of supply disruptions, fueling inflation concerns and reinforcing expectations of hawkish central banks. Banks traded lower, with RBC down 1.4%, TD Bank retreating 1.7%, and BMO losing 1.3%. Gold prices slipped, weighing on miners. Agnico Eagle shed 1.7%, Barrick lost 0.9%, and WPM retreated 1.1%. Tech stocks also weakened after Big Tech earnings revived concerns over heavy AI-related capital spending. Shopify fell 5.4%, while Constellation Software dropped 1.4%. Meanwhile, Waste Connections (+0.1%), Mullen (+4.7%), and Teck Resources (+3.9%) advanced after beating profit estimates. Elsewhere, First Quantum slipped 0.4% as Panama considers partnering with the company to reopen the Cobre Panama mine.