TSX Renews Record High

The S&P/TSX Composite rose 0.4% to a fresh record of 29,453 on Thursday as gains in tech and financials offset declines in energy and mining stocks following a wave of central bank easing.

The Bank of Canada and the US Federal Reserve each cut policy rates by 25 basis points and signalled the possibility of further reductions, which lowered discount rates and lifted valuations for duration sensitive and growth oriented sectors.

Recent Canadian data showing a cooling labour market and slowing growth have increased the odds of additional easing and prompted investors to reprice the path of rates.

Rate sensitive names such as Shopify and Brookfield were among the top performers adding 3% and 2.2%, respectively, while softer oil, gold and copper prices capped the index’s advance by weighing on commodity producers.