Canada’s stock market broke new ground as the S&P/TSX Composite crossed 30,000 for the first time, an intraday milestone that arrived amid renewed strength in commodities.
The index later finished above that threshold this week, with a Wednesday close at 30,501.99 that kept it near record territory.
After vaulting to an all time high near $3,900 per ounce last week, bullion cleared $4,000 on Wednesday for the first time on record, reflecting a flight to havens and growing expectations of easier policy from major central banks.
The move fed outsized gains across precious metals miners on Bay Street and burnished the materials group’s leadership this quarter.
Materials shares had already been pacing the market into the run-up to 30,000, with back to back records late last month as bullion advanced.
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Fresh highs for the index on Sept. 19 and Sept. 22 were anchored by gold producers and select industrial names, laying the groundwork for the latest breakout.
Brent hovered around the mid-$60s this week and WTI traded near the low $60s as traders weighed modest OPEC+ supply plans against easing geopolitical risk premia.
Energy names added incremental support to the index, even as crude remains below summer peaks.
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Benchmark prices have spent much of recent weeks near multi-month highs after a turbulent summer, with tighter supply and strong North American premia helping underpin base-metals names in Toronto.
Financials account for roughly one third of the benchmark and resource shares about another third, a mix that ties Canada’s main index more directly to metals and energy than many global peers.
A Bank of Canada rate cut in September has also provided a gentler backdrop for equities.
The milestone caps a turn in market tone from mid September, when the TSX stalls near a record as traders waited for U.S. inflation clues. Since then, bullion’s momentum has spilled across miners and fund flows.
Earlier this month, Sprott launches an active metals fund, adding to industry products chasing the rally in gold and miners.
Policymakers in Ottawa have highlighted the strategic role of copper for Canada’s economy, a theme explored in what Ottawa sees in copper.
Deal chatter continues to circle large producers, with the Teck and Anglo merger keeping Toronto in the frame for global mining headlines.
For now, the market’s new altitude rests on the same pillars that lifted it there. As long as gold hovers near freshly set records and oil holds steady, the TSX’s commodity engine gives it unusual leverage to global price cycles.
The first print above 30,000 underscores how tightly that engine is running.
