09.02.202621:08:50UTC+00TSX Approaches Record Highs

The S&P/TSX Composite Index rose 1.7% to close at 33,023 on Monday, moving closer to record highs amid a strong rally in precious metals and broad-based gains in financials. Gold and silver miners led the market, with Agnico Eagle, Barrick, Wheaton Precious Metals, Franco-Nevada, Pan American Silver, and Kinross advancing between 2.5% and 6.1% as bullion prices climbed sharply.

Financials offered solid additional support, with Royal Bank, TD, BMO, Scotiabank, and National Bank gaining between 0.9% and 1.9%, as domestic economic data continued to cool expectations for aggressive rate cuts from the Bank of Canada. Technology and other growth-oriented stocks also helped drive the index higher, highlighted by a 5% jump in Shopify, while Cameco added 5.4% as uranium producers extended their recent strength.

The energy sector was more mixed, with stabilizing oil prices following recent volatility limiting further upside for Canadian Natural Resources and Enbridge. Investor attention now turns to a busy slate of corporate earnings later this week, including results from Shopify, Agnico Eagle, and Cameco.