03.02.202621:07:24UTC+00TSX Rises for 2nd Straight Session

On Tuesday, the S&P TSX Composite Index increased by 0.6%, closing at 32,389, as the market experienced a continued recovery driven by a robust rebound in precious metal prices and stronger oil values, which spurred a shift towards commodity producers. This positive movement occurred while the technology sector significantly lagged behind. The rally in gold and silver stocks was spearheaded by a nearly 6% climb in bullion prices after experiencing one of the sharpest two-day declines in decades. Companies such as Agnico Eagle, Barrick, Wheaton Precious Metals, Franco Nevada, Kinross, and Pan American Silver saw their shares rise between 2.5% and over 5%. Additionally, the energy sector contributed positively to the index, with Canadian Natural, Suncor, Imperial Oil, and Cenovus showing advances ranging from 1% to nearly 4%, thanks to the stabilization of crude oil prices. Conversely, technology stocks faced significant selloffs as investors moved away from high-valuation stocks—evident in Constellation Software's 6.7% drop and Shopify's 9.7% decline. Meanwhile, the financial sector presented mixed results but generally lent support, and consumer staples saw moderate outperformance.