9 months ago
TSX Hits Record High with Seventh Monthly Gain
The TSX, which is like a big scoreboard for Canadian stocks, reached a new high on Friday.
It has been going up for seven months in a row, which is the longest streak since 2021.
This happened because gold and silver prices went up, making companies that mine these metals do better.
Oil prices were a bit lower, but the energy sector still did well.
The Canadian economy grew more than expected in the third quarter, which also helped.
Next week, big banks will report their earnings, which could affect the market.
TSX Composite Index reached a record high of 31,382.78, up 0.6% for the day.
The index gained 3.7% for the month, marking its seventh consecutive monthly gain.
Gold prices rose by 1.8%, and silver prices surged by 6.1%, boosting the materials group by 2.1%.
Energy sector outperformed with a 1.1% gain despite a slight drop in oil prices to $58.55 per barrel.
Canadian Q3 GDP grew by 2.6%, surpassing expectations, driven by crude oil exports and government spending.
- Who
- Investors and market analysts
- What
- TSX Composite Index reaches a record high
- Where
- Canada
- When
- November 28, 2024
- Why
- Gains in precious metals and positive economic data
Key facts
- TSX Composite Index
- 31,382.78
- Monthly Gain
- 3.7%
- Gold Price Increase
- 1.8%
- Silver Price Increase
- 6.1%
- Materials Group Gain
- 2.1%
- Energy Sector Gain
- 1.1%
- Crude Oil Price
- Q3 GDP Growth
- 2.6%
Quotes
Ian Chong
Portfolio manager at First Avenue Investment Counsel Inc.
“The environment for the precious metal is quite supportive, especially with potential rate cuts heading into 2026. As rates move lower, there's a very strong inverse correlation to gold.”
livemint.com
“We're expecting some good numbers from the banks as reserves remain low, while provisions for credit losses and net interest margins should also be fairly healthy.”
livemint.com
