TSX Sets Record High for the 7th Straight Session
The S&P/TSX Composite Index saw a 0.6% increase, closing at an unprecedented high of 28,916 on Thursday. This marks its progression toward a potential seventh consecutive record as gains were bolstered by the technology, financial, and mining sectors. Leading the charge, Shopify surged by 3.8%, while Brookfield rose by 2.1%, and major mining companies also experienced notable increases. Investors are now looking forward to significant employment data releases from both Canada and the United States. In terms of economic indicators, Canada reported a trade deficit of C$4.9 billion for July, an improvement over June's revised shortfall of C$6.0 billion, although slightly exceeding the consensus estimate of C$4.75 billion. This represents the narrowest trade gap in four months. Additionally, the private-sector composite PMI recorded a decrease to 48.4 in August, down from 48.7 in July. While this reflects the second-strongest figure this year, it still indicates the sector's ninth consecutive month of contraction.
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