22.08.202513:40:07UTC+00TSX Aiming for New Record High

The S&P/TSX Composite Index experienced a 0.2% increase, reaching an unprecedented level above 28,100 on Friday. This was primarily driven by robust performance in the energy sector, as investors weighed recent economic data and its potential impact on the Bank of Canada's future policies. Notably, Canadian Natural Resources, Suncor, Imperial Oil, and Cenovus posted gains ranging from 1% to 5%, influenced by the oil market's reaction to pressure from US tariffs on India. Financial stocks also maintained positive momentum. Conversely, significant mining and technology stocks experienced declines. Economically, Canadian retail sales are anticipated to have dropped by 0.8% in July 2025 compared to June, marking the second largest decrease in over a year. This decline highlights retail market volatility attributed to uncertain US trade policies affecting consumer behavior. Meanwhile, market expectations largely anticipated a dovish stance from the Federal Reserve in September. Overall, the Toronto stock exchange was on course to close the week with a 0.7% gain.