13.01.202614:44:55UTC+00TSX Aims at Historic Highs for 3rd Session

The S&P TSX Composite Index experienced a modest increase of about 0.2%, surpassing the 32,900 mark for the first time on Tuesday. This movement marked its third successive record-setting session, driven by gains in the commodity sector, despite a cautious overall market sentiment in response to recent U.S. inflation statistics. Major mining companies such as Agnico Eagle, Barrick, and Wheaton Precious Metals saw their shares rise by over 1%. This uptick was fueled by new all-time highs in gold prices, as the U.S. inflation data alleviated fears of rising price pressures. In addition, energy stocks made gains; Canadian Natural, Suncor, Imperial Oil, and Cenovus recorded increases ranging from 0.6% to 1.6%, benefiting from another favorable session for crude oil. These gains were supported by ongoing concerns that geopolitical instability in Iran might disrupt regional supply. Meanwhile, there remains deliberation in the markets about the potential impact of Venezuelan oil on Canadian energy exports, as U.S. producers and refiners have expressed hesitancy regarding investing in renewed operations in Venezuela.