What’s going on here?
The Toronto Stock Exchange’s S&P/TSX composite index finished at a four-year high of 23,998.13 points, driven by robust performances in the tech and energy sectors.
What does this mean?
The S&P/TSX composite index saw its strongest quarterly gain in four years, rising 9.7% in Q3 and 2.8% in September. A 1% rise in the technology sector, led by BlackBerry’s 5.6% share surge, and a 0.7% increase in the energy sector, as oil prices held at $68.17 a barrel, fueled the rally. However, the materials sector dipped 1.2%, despite a 27.3% rise this year, due to lower gold and copper prices. Central banks also played a part: interest rate cuts by both the Bank of Canada and the US Federal Reserve, along with Jerome Powell’s indication of no immediate plans for further rate reductions, influenced market sentiments positively.
Why should I care?
For markets: Tech and energy sectors soar.
Tech and energy stocks were the primary…
