TSX Breaks Record Levels

The S&P/TSX Composite rose about 0.6% to top the 29,600 level for the first time on Friday as rate sensitive technology and financial names were supported by recent Bank of Canada and Federal Reserve cuts and by expectations of further easing next year.

Large caps led the advance with RBC and Shopify each up roughly 1 percent.

Major miners outperformed as well, with Agnico Eagle, Wheaton Precious Metals, Barrick and Franco Nevada adding between about 1.7 and 3.5 percent.

On the economic front, preliminary estimates point to a roughly 1% month over month jump in Canadian retail sales in August, the second largest gain this year, which would offset July’s 0.8% decline and match market forecasts.

For the week, the Toronto exchange was set to add over 1%.