27.08.202520:02:07UTC+00TSX Sets Fresh Record High

On Wednesday, the S&P/TSX Composite Index edged up 0.3%, concluding the day at a record-breaking 28,433 points. This uptick was spearheaded by the Royal Bank of Canada, the largest component of the index, which exceeded market expectations, significantly boosting the financial sector. The Royal Bank of Canada’s stock surged by 5.1% following its report of financial provisions at C$881 million, notably lower than the LSEG consensus of approximately C$1.07 billion, alongside adjusted earnings of C$3.84 per share. The bank's enhanced income from wealth management and capital markets helped to free up capital, thereby increasing investor interest. In contrast, the National Bank of Canada saw its shares drop by 3.8% due to lower-than-anticipated capital markets revenue, leading to an immediate reassessment of its prospects and affecting the broader group. Meanwhile, major energy companies like Canadian Natural Resources, Suncor, Imperial Oil, and Cenovus saw their shares rise between 1.1% and 2.4%, buoyed by an uptick in oil prices.