Canada’s TSX Achieves Longest Winning Streak in Over a Year, Boosted by Energy and Tech Stocks

Canada’s main stock market, the TSX, continued its winning streak for the sixth day in a row on Thursday, gaining 1.2% to close at 23,032.72. This marks the longest daily winning streak for the index since July 2023.

The strong performance was driven by gains in resource and technology stocks, as positive economic data from the U.S. lifted hopes for a smooth economic recovery. The number of Americans applying for unemployment benefits dropped, and retail sales saw their biggest increase since January 2023, indicating strong economic growth.

All major sectors of the TSX moved higher, with technology stocks rising by 2.7% and energy stocks increasing by 1.7%. Shares of companies like Celestica Inc, Shopify Inc, and major energy firms benefited from these gains.

Prices for gold and copper also went up, which helped boost the materials sector by 1.6%. Despite a labor dispute at Canadian National Railway Co, shares of CN Rail and Canadian Pacific Kansas City Ltd still rose by 1.9%.