Canada’s primary stock index broke its all-time high on Monday — albeit briefly — after growing geopolitical tensions drove an early bump in crude oil prices, which in turn boosted energy stocks on the Toronto Stock Exchange.
The S&P/TSX composite index, which represents roughly 70% of TSX-listed companies, was up 0.11% to 23,894.1 at the end of Monday’s session, marking its third all-time high in as many trading days.
New records were hit last week following the US Federal Reserve’s decision to cut interest rates by 0.5%.
So far this year, the TSX is up 14.1% due to optimism from the US central bank and moves by the Bank of Canada that have seen policy rates slashed three times since the end of 2023. The Canadian central bank is expected to further cut borrowing costs when it meets again in October.
Crude oil prices had a volatile day on Monday, first rising on increased tension in the Middle East and…
