TSX Sets Fresh Record High

The S&P/TSX Composite rose 0.3% to close at a fresh record high of 28,433 on Wednesday, as Royal Bank of Canada, the index’s largest component, delivered an outsized beat that carried the financials sector, while energy producers also outperformed.

RBC jumped 5.1% after reporting provisions of C$881 million versus an LSEG consensus near C$1.07 billion and adjusted earnings of C$3.84 per share, with stronger wealth and capital markets income freeing capital and lifting investor appetite.

By contrast National Bank of Canada fell 3.8% after its capital markets revenue missed forecasts, prompting a swift reappraisal of that franchise and weighing on the group.

Elsewhere, heavyweight energy producers Canadian Natural Resources, Suncor, Imperial Oil, and Cenovus added between 1.1% and 2.4% on higher oil prices.