Toronto Market Hits Fresh Record
The Toronto stock market surged to another record high on Tuesday, powered by strong gains in gold mining shares and rising oil prices. Despite cautious global sentiment, Canada’s main index managed to recoup earlier losses and close at its highest level yet.
Gold and Oil Drive Gains
The S&P/TSX composite index climbed 51.17 points, or 0.2%, finishing at 28,615.62. This surpassed Friday’s record close and showcased the resilience of Canada’s resource-heavy market. Gold extended its rally, fueling a 1.8% jump in the materials group, which includes metal mining stocks. Oil also played a key role, rising 2.5% to settle at $65.59 a barrel. That lift pushed the energy sector up 0.9%.
Market Sentiment Shaped by Global Trends
While Toronto benefited from resources, Wall Street faced pressure. U.S. markets opened September lower as investors questioned the legality of President Trump’s tariffs. Colin Cieszynski, chief market strategist at SIA Wealth Management, explained: “Investors were definitely reeling back their risk exposure and getting more cautious.” He added, “This was one of those days where resource sector exposure came through for Canada.”
Sector Highlights and Setbacks
Beyond mining and energy, financial stocks posted modest gains of 0.1%, while real estate weighed on the index, dropping 1.5% as global borrowing costs climbed. Canada’s 10-year yield rose 7.3 basis points to 3.448%.
In corporate news, Telus Corp announced plans to buy the remaining shares in its digital services unit for $539 million in cash and stock, aiming to strengthen its artificial intelligence portfolio. However, Telus shares slipped 0.4% following the announcement.
Domestic Data Adds Pressure
Economic data offered little comfort. Canada’s manufacturing sector contracted for the seventh consecutive month in August as U.S. tariffs dragged on export demand. The slowdown raised fresh concerns about long-term growth despite market strength in resources.
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