17 May 2024 – The S&P/TSX Composite Index saw a slight elevation by 0.2% to cross the 22,350-point mark as of Friday, with the materials and energy sectors acting as the primary drivers of this surge, despite a downward push from the tech sector. The uptick in metal prices, especially… gold and copper, significantly benefited leading mining stocks. First Quantum, for example, saw a 3.2% increase, followed by Barrick Gold at 1.1%, Agnico Eagle Mines at 1%, and Wheaton Precious Metals at 0.9%. Concurrently, as oil prices rose, prominent Canadian energy companies, including Canadian Natural, Cenovus, and Suncor, experienced gains over 0.5%. In contrast, tech stocks suffered a sell-off due to fears of persistently high interest rates in the US, leading to a 1% loss for heavyweight Shopify. Despite this, the TSX looked set to close the week with a slight overall increase of about 0.2%. Since the start of 2024, Canada’s primary stock market index, the TSX, has seen a significant rise of 1472 points or 7.02%, as per the contract for difference (CFD) trading that tracks this benchmark. It reached an unprecedented high of 22470.27 points in May 2024. Read More