16.01.202621:05:09UTC+00TSX Pushes New Highs After Strong Week

The S&P/TSX Composite Index closed slightly higher on Friday, reaching a record 33,041 and concluding the week with a 1.3% increase after several instances of hitting all-time highs. The market's uplift was driven by gains in the energy sector, although this was somewhat balanced by a decline in technology stocks. Shares of Canadian Natural Resources, Suncor, and Imperial Oil rose between 0.7% and 1.8%, fueled by a recovery in crude oil prices. This rebound came as global supply risks were reassessed, given the reduced likelihood of military conflict between Iran and the United States.

Additionally, trade sentiments were bolstered following discussions between Prime Minister Carney and a Chinese delegation, indicating possible tariff alleviation on electric vehicles and canola. In contrast, technology stocks pulled the index down, with notable declines in Shopify (-1.2%) and Constellation Software (-2.6%) as investors opted to lock in profits after a period of strong performance. Furthermore, the index faced additional pressure from the copper mining sector, as shares in Teck Resources, First Quantum, and Ivanhoe each experienced losses ranging from 1.2% to 4.4%.