The S&P TSX Composite Index edged higher to trade above the 32,900 mark for the first time on Wednesday, extending record highs on strength from resource-backed companies. Heavyweights Canadian Natural Resources, Suncor, Imperial Oil, and Cenovus rose between 1% and 1.7% as oil prices extended their rally and waning momentum around increased US investment in Venezuelan oilfields improved the outlook for Canadian supply. Mining stocks also supported the move, with Barrick and Wheaton Precious Metals gaining more than 0.5% as gold prices climbed on sustained safe-haven demand tied to geopolitical unrest in Iran, while optimism around AI-driven demand continued to underpin base metals and broader mining shares in Toronto. Offsetting those gains, technology and financial stocks remained under pressure, limiting the index’s upside. Meanwhile, PM Carney was set to begin talks with Chinese officials in Beijing after fresh data showed a 10.4% plunge in Canadian exports to China during 2025.
