TSX ends up 0.6% at 31,382.78
For the month, the index gains 3.7%
Materials group rises 2.1%
Gold adds 1.8%, silver hits a record high
Nov 28 – Canada’s main stock index rose on Friday to another record high as gains for gold and silver prices boosted metal mining shares and investors turned attention to bank earnings season.
The S&P/TSX composite index ended up 186.07 points, or 0.6%, at 31,382.78 points, surpassing Thursday’s record closing high. For the month, the index added 3.7%. That was its seventh straight monthly gain, the longest such streak since 2021.
U.S. stocks also climbed in thin trading volume during a shortened session after Thanksgiving, and the price of gold rose 1.8% as expectations strengthened for Federal Reserve interest rate cuts.
“The environment for the precious metal is quite supportive, especially with potential rate cuts heading into 2026,” said Ian Chong, a portfolio manager at First Avenue Investment Counsel Inc. “As rates move lower, there’s a very strong inverse correlation to gold.”
Silver was up 6.1%, setting a record high. The materials group, which includes metal mining shares, advanced 2.1%, with shares of Endeavour Silver Corp and Aya Gold & Silver Inc jumping 12.7% and 12% respectively.
Energy also outperformed, rising 1.1%. The price of oil settled 0.2% lower at $58.55 a barrel.
Crude oil exports and government spending boosted Canadian economic activity in the third quarter even as business investments and household consumption disappointed. Annualized gross domestic product grew 2.6%, which surpassed expectations for an increase of 0.5%.
Canada’s major banks begin reporting quarterly earnings next week. That could set the tone for the market considering financial stocks hold a 32% weighting on the TSX.
“We’re expecting some good numbers from the banks as reserves remain low, while provisions for credit losses and net interest margins should also be fairly healthy,” Chong said.
This article was generated from an automated news agency feed without modifications to text.
