29.01.202614:48:17UTC+00TSX Pushes New Highs on Mining Strength

The S&P TSX Composite Index rose by approximately 0.6% on Thursday, reaching a new all-time high surpassing the 33,350 mark. This upturn was primarily driven by commodity producers, bolstered by escalating prices in copper, gold, and oil. Significant contributors to the advance were base metal mining companies, with First Quantum Minerals, Teck Resources, Lundin Mining, and Ivanhoe Mines recording impressive gains between 5% and 6.6%, propelled by around a 10% increase in copper prices. Gold mining entities also played a crucial role, such as Barrick, which rose nearly 2% as gold prices soared to an unprecedented $5,500 per ounce amidst news that President Trump may be contemplating further action against Iran. Additionally, the energy sector provided a further push to the index, as geopolitical tensions drove oil prices higher, leading to gains in Canadian Natural Resources, Suncor, Imperial Oil, and Cenovus ranging from 2.3% to 3.8%, due to fears of possible disruptions in supply from Iran. On the broader market, positive sentiment was supported by resilient US technology sector earnings and the Federal Reserve’s decision to maintain interest rates at their current level, with Shopify experiencing a rise of over 2%.