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28.08.202520:02:50UTC+00TSX Holds Onto Record Highs

The S&P/TSX Composite finished slightly up at 28,435 on Thursday, maintaining its peak levels as investors capitalize on recent gains, particularly in the financial sector after TD Bank and CIBC posted strong earnings. TD Bank initially drove the rally with impressive third-quarter results. However, after deeper analysis, concerns about increased non-interest expenses, a weaker margin outlook, and uncertain growth prospects caused its stock to reverse course, closing down 4.5%. In contrast, CIBC saw a 2% rise, outperforming expectations thanks to a robust capital markets division, a significant rise in net income, and modest provisions, resulting in earnings of C$2.16 per share compared to an estimated C$2.00. Additionally, tech giant Shopify gained 0.9%, benefiting from Nvidia’s better-than-anticipated earnings.

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