(Updates at market close)
TSX ends up 1.1% at 34,501.96
TD Bank and CIBC shares rise after earnings beats
Materials group adds 2.1% as gold rises
TORONTO, Feb 26 (Reuters) – Canada’s main stock index rose to another record high on Thursday as gold prices edged up and banks reported stronger-than-expected earnings.
The S&P/TSX composite index ended up 374.63 points, or 1.1%, at 34,501.96, eclipsing the record closing high it posted on Wednesday.
“The TSX has been able to grind higher on the back of materials for the most part and banks,” said Allan Small, senior investment advisor of the Allan Small Financial Group with iA Private Wealth. “Bank stocks continue to knock the lights out.”
Canada’s six biggest banks exceeded profit forecasts this week in results boosted by wealth management and fee-based income, underlining the resilience of the country’s economy to the impact of U.S. tariffs and broader policy uncertainty.
The banks included Royal Bank of Canada, TD Bank and CIBC, which reported on Thursday. Shares of RBC lost 2.1%, while TD and CIBC gained 1.6% and 2.9% respectively.
Heavily weighted financials added 0.4% and the materials sector, which includes metal mining shares, was up 2.1%. The sector has gained roughly 31% since the start of the year after nearly doubling in 2025. Canada is negotiating with the United States to remove tariffs on some critical sectors, and a deal could be wrapped into bilateral pacts alongside a review of the United States-Mexico-Canada trade agreement, a Canadian senior minister said. The price of gold was up 0.5% as investors weighed the outcome of U.S.-Iran nuclear talks in Geneva.
Shares of energy infrastructure company Enerflex Ltd jumped 17.7% after the company reported quarterly results. Energy added 0.8% and industrials were up 2%. India’s efforts to improve its airport infrastructure will give Bombardier a chance to boost sales of business jets there, chief executive officer Eric Martel said. Shares of Bombardier ended 1.6% higher.
Technology rose 2.1%, with shares of e-commerce company Shopify Inc adding 4.6%. (Reporting by Fergal Smith in Toronto and Utkarsh Tushar Hathi in Bengaluru; Editing by Leroy Leo, Will Dunham and Sahal Muhammed)
