TSX Rises as Banks Gain
The S&P/TSX Composite Index rose about 0.5% to trade above 36,000 on Wednesday, supported by easing pressure on credit-sensitive stocks as oil prices fluctuated. Crude prices were volatile ahead of next week’s Bank of Canada monetary policy decision. The loss of momentum in the oil rally offered some relief to major banks that have been pressured by inflation and consequent elevated borrowing costs concerns, with RBC, TD Bank, BMO, Scotiabank, CIBC, and National Bank each gaining around 1%. Markets expect the BoC to raise interest rates at next week’s meeting, while the federal budget is scheduled for November 5th. Elsewhere, mining stocks mostly advanced amid stable gold prices, with Agnico Eagle, Barrick, and WPM rising more than 0.5%. In technology, Shopify gained over 1.5%, while Constellation Software and Celestica each rose 1%, tracking a rebound in US AI hardware stocks.
The S&P/TSX Composite Index rose about 0.5% to trade above 36,000 on Wednesday, supported by easing pressure on credit-sensitive stocks as oil prices fluctuated. Crude prices were volatile ahead of next week’s Bank of Canada monetary policy decision. The loss of momentum in the oil rally offered some relief to major banks that have been pressured by inflation and consequent elevated borrowing costs concerns, with RBC, TD Bank, BMO, Scotiabank, CIBC, and National Bank each gaining around 1%. Markets expect the BoC to raise interest rates at next week’s meeting, while the federal budget is scheduled for November 5th.
Elsewhere, mining stocks mostly advanced amid stable gold prices, with Agnico Eagle, Barrick, and WPM rising more than 0.5%. In technology, Shopify gained over 1.5%, while Constellation Software and Celestica each rose 1%, tracking a rebound in US AI hardware stocks.