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S&P/TSX Composite Reverses Gains, Finishing Lower While U.S. Markets Slide
The index gained 35% since April, driven by strong energy and gold sectors, outperforming the U.S. S&P 500 by eight percentage points this year, analysts said.
- On Tuesday, the S&P/TSX Composite Index topped 30,000, trading at 30,014.20 and briefly surpassing the mark as energy and base metal sectors pushed Canada's main stock index into record territory.
- Since April 7 the TSX has rallied, gaining 35 per cent as a heavy weighting in gold producers listed in Canada offset inflation and geopolitical risk and cheaper valuations attracted investors earlier this year.
- Aritzia Inc. and Toronto-Dominion Bank posted notable gains, with Aritzia up 67 per cent after 33 per cent revenue growth and Toronto-Dominion recovering nearly 43 per cent since last year.
- Analysts said `We had anticipated we'd breached this threshold; it may have come a little sooner than we thought, but the markets are gripped with momentum`, Madden said, indicating confidence in continued gains.
- The diversified materials sector has soared more than 70 per cent this year, and analysts say markets are `looking ahead` to 2027 for improved profits and a positive credit shift.
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S&P/TSX composite index reaches record high as energy and base metals sector soars
Canada's main stock index topped 30,000 for the first time as strength in the energy and base metal sectors helped it climb into record territory, while U.S. stock markets were mixed in late-morning trading on Tuesday.
·Canada
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Coverage Details
Total News Sources12
Leaning Left5Leaning Right1Center3Last UpdatedBias Distribution56% Left
Bias Distribution
- 56% of the sources lean Left
56% Left
L 56%
C 33%
11%
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