The S&P/TSX Composite Index remained subdued at the 24,140 mark on Monday, pulling back from its recent peak, as a data-heavy week looms over both the United States and Canada. Key losses in the mining sector, driven by declining gold and copper prices, overshadowed the gains seen in the energy industry.
Investors are closely monitoring upcoming US inflation data to assess ongoing price pressures and their implications for the Federal Reserve's interest rate stance in November. Additionally, Canadian labor statistics anticipated later this week are expected to shed light on the potential for future adjustments by the Bank of Canada.
Notable declines were recorded among heavyweight mining stocks such as Agnico, Barrick Gold, Franco-Nevada, and Ivanhoe, with losses ranging from 1.3% to 2.3%. E-commerce leader Shopify also experienced a decline of 1.3%. Conversely, rising oil prices provided support to energy producers like Suncor, Imperial Oil, Canadian Natural, and Cenovus, which saw gains between 1% and 1.6%.
Since the start of 2024, the TSX has surged by 3,185 points, reflecting a remarkable 15.20% increase. Current projections estimate that the TSX will stabilize at 23,556.36 points by the end of this quarter. Looking ahead, analysts forecast a trading level of approximately 22,272.34 points in the next 12 months.