21.08.202520:01:20UTC+00TSX Hits Fresh Record High

The S&P/TSX Composite Index experienced a gain of 0.6%, closing at a new high of 28,054 on Thursday, surpassing the performance of U.S. benchmarks. This rise resulted from investors reevaluating the potential trajectory of interest rates in North America. The mining sector spearheaded the gains, supported by a rise in bullion prices, with companies such as Wheaton Precious Metals, Agnico Eagle, Barrick Gold, and Franco-Nevada seeing increases ranging from 1.4% to 3%. Additionally, energy companies gained from the surge in crude oil prices, with Canadian Natural Resources, Suncor, Imperial Oil, and Cenovus advancing between 1.4% and 2%. On the broader economic scale, domestic producer prices exceeded expectations significantly, reducing the likelihood of further rate cuts by the Bank of Canada. Concurrently, Air Canada saw a 1.3% increase after confirming plans to resume operations, although its stock is still down over 10% for the month due to disappointing earnings, retracted guidance, and extensive disruptions from its ongoing aircrew strike. Looking forward, market focus shifts to Fed Chair Powell's upcoming remarks in Jackson Hole, where investors eagerly await insights into future policy directions.