22.09.202520:02:47UTC+00TSX Extends Momentum to Fresh Highs

On Monday, the S&P/TSX Composite Index gained 0.6% to close at a new peak of 29,959, marking the continuation of a seven-week winning streak. This upward momentum was bolstered by the Bank of Canada's decision to implement a 25 basis point cut to stimulate the domestic economy. The rise was largely driven by major mining companies, with Barrick Gold leading the charge by climbing 7.4% due to an increase in gold prices. Significant financial, technology, and energy stocks also performed well, with Royal Bank of Canada advancing 1.2%, Shopify increasing by 2.7%, Toronto-Dominion Bank rising 1.1%, and Canadian Natural Resources climbing 1.9%. Additionally, Statistics Canada indicated that the Industrial Product Price Index saw a year-over-year rise of 4.0% in August, while the Raw Materials Price Index experienced a 3.2% increase over the same period, highlighting ongoing cost pressures faced by producers.