05.09.202514:00:21UTC+00TSX Surpasses the 29,000 Mark for the 1st Time

The S&P/TSX Composite Index surpassed the 29,000 level for the first time ever, climbing over 0.5% on Friday. This marked its eighth consecutive record high, with the weekly performance achieving nearly a 2% increase. This upward trend comes as North American markets anticipate enhanced liquidity, driven by labor market data from Canada and the US indicating cooling conditions. This broad-based rise saw significant contributions from major mining companies such as Agnico Eagle, Wheaton Precious Metals, Barrick, and Franco-Nevada, which all saw gains ranging from 1.2% to 2.6%, buoyed by rising gold prices. The increase in gold's attractiveness stemmed from diminished returns on other safe assets. Meanwhile, unemployment rates in both Canada and the US have reached highs reminiscent of the pandemic period, highlighting a marked slowdown in the labor market. This situation adds pressure on central banks to consider easing borrowing conditions.