The S&P/TSX Composite index rose almost 0.2% to close at the 20,330 level on Wednesday, extending gains for the fourth consecutive session as soft economic data from the US backed bets that the Federal Reserve will refrain from hiking interest rates this year, supporting equities worldwide. Commodity-backed sectors led the gains in Toronto, with energy producers advancing nearly 0.6% on average amid another strong session for North American crude oil and natural gas futures. Gold miners also ended in the green as signs of a slowing economy lifted gold prices. In the meantime, financial shares finished slightly higher, hurt by a 3.7% decline in shares of National Bank of Canada after the lender missed quarterly profit estimates, due to weakness in its capital markets business and higher bad loan provisions. Four of the “Big 6” Canadian banks missed third-quarter profit including the National Bank of Canada, Toronto-Dominion Bank, Bank of Nova Scotia and Bank of Montreal.
Historically, the Canada Stock Market Index (TSX) reached an all time high of 22213.07 in April of 2022. Canada Stock Market Index (TSX) - data, forecasts, historical chart - was last updated on August of 2023.
The Canada Stock Market Index (TSX) is expected to trade at 19389.45 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 18110.04 in 12 months time.