S&P/TSX Composite Index Reaches Record High as Energy and Base Metals sector

The main stock index of Canada for the first time helped to top the 30,000 as the strength in energy and base metal sectors, which helps to climb in the record area, while on Tuesday late morning trading was added to American stock markets.

The S&P/TSX Composite Index overtook 30,000 at some points in early trade, before taking a dip down. As the ET at 12:30 pm, the index was hovering just above that mark.

Bryan Maden, Chief Investment Officer of First Avenue Investment Advocate, said that “appropriate broad-based rally” sent TSX to 30,000 thresholds. He said that gold has been a major factor in the performance of Canada’s main stock index this year. On Tuesday, he said that the power in energy and financial helped push the index more.

Maden said, “We had speculated that we had broken this limit; it must have come a little early from what we thought, but the markets have been caught at a pace,” Maden said.

“For us, as moderate and long -term investors, we know that we are going to pass through psychological milestones and round numbers, but these eyes are ahead eyes, eyes on awards … and we like what we are looking here.”

Moving forward, he said that he hoped that it continues to continue the pace, given that “market rallies can grow longer than people.”

In New York, Dow Jones Industrial Average was 66.27 points at 46,381.54. The S&P 500 index was at 29.39 points at 6,693.75, while the NASDAQ Composite was 157.50 points at 22,788.98.

Chipmaker Nvidia shares increased by 3.9 percent after the announcement that it would invest $ 100 billion US in Openai, owner of Artificial Intelligence Chatbot Chat. The partnership is to add at least 10 gigawatts of NVidia AI data centers to ramp the computing power of OpenaiI.

Nvidia is the most valuable company of Wall Street.

Ian Chong, portfolio manager of the First Avenue Investment Council, said, “So it is going to transfer the markets to a large extent.” “At her top, you have found a complete bunch of supporting shares that are benefiting from this news.”

For example, American utilities are seeing a collision, as new data centers will require large amounts of electricity and to cool their operations.

Oracle Corp also pushed the market higher with 6.3 percent profit. A senior official of the administration of US President Donald Trump said that the tech veteran would receive a copy of the Tikok algorithm to work for American users, which is part of the deal to run the popular platform in the country.

Another big tech mover apple inc. Was, whose shares were 4.3 percent up. The initial indications are that the demand is strong for its newly released iPhone 17 and is likely to grow in the Chinese market, Chong said.

E-commerce platform Shopify Inc. With shares of, the strength in Tech was filtered through Canada’s main index.

Behind the strength on TSX, another big driver is jumping in gold prices. The December Gold Contract was an ounce on $ 69.30 US on the US on Monday.

Barrical Mining Corp rose 7.4 percent on Monday, after announced last week that a study found a project in Nevada, can produce 750,000 ounces of gold annually. Meanwhile, the shares of Kinros Gold Corp rose by 3.8 percent.

Chong said, “While Gold has really performed well in the last one year and gold miners have not recently done longer.”

“So it is playing too much catch-up and many these names are actually firing on all cylinders.”