05.11.202514:57:44UTC+00TSX Rebounds on Wednesday

On Wednesday, the S&P/TSX Composite Index increased by approximately 0.6%, climbing above the 29,930 mark. This rise followed a steep decline in the previous session, as gains in the commodity sector helped to counteract a general risk-averse mood. The energy sector led the way, highlighted by Suncor's nearly 5% surge after reporting stronger-than-anticipated third-quarter earnings and announcing a dividend increase. Other major players in the energy market, such as Canadian Natural, Imperial Oil, and Cenovus, also saw advances. Key mining companies, including Agnico Eagle, Wheaton Precious Metals, and Barrick Gold, each rose by over 2.5%, buoyed by a resurgence in gold prices. In contrast, the technology sector underperformed, with the AI-driven rally losing steam, as evidenced by Shopify's decline of over 1.5%. On the economic front, Canada's Composite PMI improved to 50.3 in October, up from 46.3 in September, indicating the first expansion in the private sector since November 2024. Meanwhile, Prime Minister Mark Carney's initial budget revealed plans for significant new expenditures, which may more than double the deficit this year to approximately C$78.3 billion.