28.11.202514:51:40UTC+00TSX Loosely Extends Record High

The S&P/TSX Composite Index remained steady, hovering just above the flatline at 31,200 on Friday. This movement marginally extended the week's robust gains to approximately 3.5%, marking a new record high. The market's positive trajectory was buoyed by an unexpectedly strong GDP report for Q3, revealing Canada's economy grew at an annualized rate of 2.6%, significantly outstripping the anticipated 0.5% and sidestepping a potential second consecutive quarterly downturn. This data is significant as the Bank of Canada assesses economic trends ahead of its policy decision in December.

Concurrently, gold prices increased amid renewed optimism that the Federal Reserve might reduce interest rates in the coming month, positively impacting Canadian mining companies such as Wheaton Precious Metals, which saw a 1.6% rise. Additionally, oil prices were on the rise, a consequence of ongoing peace negotiations between Russia and Ukraine that continued to stir geopolitical tensions, thereby benefiting local producers like Canadian Natural, Suncor, and Cenovus—each advancing over 0.5%.

In corporate developments, CIBC revised its rating for Canadian National Railway, elevating it to "outperformer" from a prior "neutral" stance, resulting in a 0.9% gain.