TSX Loosely Extends Record High

The S&P/TSX Composite Index hovered above the flatline at the 31,200 mark on Friday, loosely extending the week's strong gains to about 3.5% and a fresh record high as markets absorbed a surprisingly strong Q3 GDP print.

Canada’s economy grew at an annualized 2.6% in the third quarter, well above forecasts of 0.5%, avoiding a second consecutive quarterly contraction.

The report comes as the Bank of Canada monitors economic momentum ahead of its December policy decision.

Meanwhile, gold prices rose on renewed optimism that the Fed will cut interest rates next month, supporting Canadian miners led by Wheaton Precious Metals (+1.6%).

Also, oil prices also advanced as prolonged Russia-Ukraine peace talks kept geopolitical risks ever present, lending support to local producers led by Canadian Natural, Suncor and Cenovus adding over 0.5% each.

In corporate news, CIBC upgraded Canadian National Railway (+0.9%) to “outperformer” from “neutral.”