What’s going on here?
The Toronto
Stock
Exchange’s S&P/TSX composite index ended up 197.41 points – or 0.89% – at 22,269.12 on May 31, 2024. This capped a strong month where the TSX gained 2.55%, even reaching a record high of 22,468.16 on May 21.
What does this mean?
Canada’s stock market has been on a roll recently, driven by gains in sectors like industrials and
consumer
staples, which climbed 1.55% and 0.89% respectively. Even the energy sector saw a 1.21% uptick, despite oil prices slipping by 1.2% to $76.99 per barrel ahead of Sunday’s OPEC+ meeting. Investors are optimistic, partly because they anticipate an 80% chance of the Bank of Canada starting an easing campaign next Wednesday after the Canadian economy grew at a slower-than-expected 1.7% annualized rate in Q1 2024. However, the mood isn’t entirely buoyant: Canadian banks are gearing up for potential turbulence, with rising loan loss provisions and cautious…
