06.01.202614:46:23UTC+00TSX Aims at Historic Highs

The S&P/TSX Composite Index modestly advanced by 0.2% on Tuesday, surpassing the 32,250 mark for the first time, buoyed by positive sentiment regarding the North American economic landscape. This climb continued the record-setting momentum observed in the previous session, as investors displayed increased risk appetite. The banking sector mirrored the overall market's upward trend, with RBC rising by 0.9%, TD Bank inching up 0.2%, BMO increasing by 0.5%, and CIBC advancing by 0.6%. These financial institutions traded near their highest levels, fueled by expectations of strong credit demand, especially through their operations in the United States. Among major mining companies, Barrick and Wheaton Precious saw gains exceeding 1%, driven by a sustained rally in precious metals. This rally was underpinned by heightened demand for safe-haven assets, following reports of media suppression in Venezuela after Delcy Rodríguez assumed the presidency, and the recent US apprehension of Nicolás Maduro. Conversely, energy producers underperformed as the potential resumption of Venezuelan oil exports to the US posed challenges to the market share for Canadian oil exporters.