The S&P/TSX Composite Index rose about 0.2% to above the 31,500 mark for the first time on Thursday as mining equities offset broader caution amid renewed concerns over stretched technology valuations that outweighed a widely expected BoC rate hold and a Fed rate cut. Heavyweights Agnico Eagle, Barrick Mining, and Wheaton Precious set the pace with gains over 1%, while junior miners Pan American Silver, First Majestic Silver, and New Gold topped the index with increases between 3% and 4%. In the meantime global risk off sentiment intensified after Oracle’s weak quarterly results and guidance revived fears of an AI driven bubble, dragging tech shares worldwide, with mega cap Shopify shedding around 2.5%. Meanwhile the BoC kept its policy rate at 2.25%, while the Fed cut rates by 25 basis points, though the outlook for additional easing remains uncertain amid data gaps, inflation pressures and an expected leadership change at the central bank.
