Gregg Maloney, a specialist, is seen at work on the trading floor of the New York Stock Exchange on Tuesday, June 10, 2025. (AP Photo/Richard Drew)
Canada’s main stock market soared to a new record on Wednesday, powered by rising oil prices and renewed investor confidence. The S&P/TSX composite index climbed 97.85 points to close at 26,524.16—its highest level ever—driven mostly by energy stocks.
Stephen Duench, a portfolio manager at AGF Investments Inc., says the Canadian market is gaining fresh attention. “The TSX keeps rising steadily. Investors are realizing Canada is back in the game,” he noted. He added that beneath the surface, many sectors in the Canadian stock market are showing strength.
Oil prices played a key role in the day’s gains. The energy sector led the charge with a 2.2% rise, while tech stocks also posted decent returns. However, other sectors like financials, industrials, and base metals saw minor dips.
One standout performer was Dollarama Inc., which jumped nearly 10% after beating expectations with its latest profit report.
Meanwhile, investors are watching global trade dynamics closely. Signs of easing tensions between the U.S. and China, along with softer-than-expected U.S. inflation data, helped ease market jitters. These developments are encouraging global investors to look beyond the U.S. for new opportunities.
“Investors have been underexposed to markets outside the U.S. for too long,” said Duench. “They’re not abandoning American stocks, but they are spreading their investments around—and Canada is benefiting from that.”
On Wall Street, however, the mood was less upbeat. The Dow Jones Industrial Average dipped slightly by 1.1 points to 42,865.77. The S&P 500 fell 16.57 points to 6,022.24, and the Nasdaq slid 99.11 points to 19,615.88, despite starting the day on a stronger footing.
The Canadian dollar, commonly called the loonie, strengthened a little, trading at 73.18 cents U.S., up from 73.08 cents the previous day.
Duench also pointed to rising optimism surrounding Prime Minister Mark Carney’s leadership, saying Carney is seen as more supportive of business growth than some expected. “He’s the kind of leader who’d act quickly to cushion the blow of any major economic trouble,” Duench said.
In the commodities market, crude oil surged, with the July contract rising by US$3.17 to US$68.15 per barrel. Natural gas, on the other hand, dipped slightly to US$3.51 per mmBTU. Gold edged up 30 cents to US$3,343.70 an ounce, while copper dropped 9 cents to US$4.81 a pound.
As oil continues to climb and global investors seek broader portfolios, Canada’s market is seeing a resurgence not seen in years—giving traders fresh reasons to look north.
