28.08.202513:44:03UTC+00TSX Aims at Fresh Record High

The S&P/TSX Composite Index increased by approximately 0.2%, surpassing the 28,450 mark for the first time on Thursday. This growth came as an impressive week for bank earnings concluded, instilling further confidence in the market's largest sector. TD Bank's shares rose by over 2.5% following its report of provisions at C$971 million, significantly lower than the anticipated C$1.21 billion, and earnings per share of C$2.20, exceeding analysts' expectations. Likewise, CIBC's shares increased by more than 1% due to its robust performance in the capital markets division, a notable rise in net income, and modest provisions, resulting in earnings of C$2.16 per share, outstripping the C$2.00 estimate. These reports, following Royal Bank of Canada's earlier positive performance, indicated reduced short-term credit risk and more available capital for dividends and share buybacks. In the tech sector, Shopify excelled with gains of over 1% as investors looked forward to Nvidia's earnings to gauge the longevity of the tech uptrend. Meanwhile, commodity stocks remained mostly steady.