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TSX Surges 1.15% to 22,134 Amid Strong Financials and Energy Gains

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  Published in Humor and Quirks on Friday, November 28th 2025 at 17:47 GMT by The Globe and Mail

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Global and Canadian Market Snapshot – A Week in Review

The week that began on Monday, April 22 and ended on Friday, April 26 saw the Toronto Stock Exchange (TSX) and its blue‑chip constituents navigate a mix of positive catalysts and lingering macro‑policy concerns. The Globe’s “Stars and Dogs” roundup captures the pulse of the market, spotlighting the top performers, the laggards, and the broader forces that shaped investor sentiment.

1. Market Overview

The TSX composite index closed the week up 1.15 % at 22,134 points, the best performance since mid‑March. The gains were largely driven by the financials and energy sectors, which benefited from a combination of rising commodity prices and a stronger Canadian dollar relative to the U.S. currency. Meanwhile, the S&P 500 mirrored the rally, posting a 0.9 % gain, buoyed by robust earnings reports and expectations that the U.S. Federal Reserve may pause rate hikes in the coming months.

Internationally, the S&P GSCI commodity index rose 1.8 % on the week, reflecting higher crude oil prices that reached $85.70 per barrel on Friday—a 5 % jump from the previous month. Gold fell 0.5 % to $1,835 an ounce, as investors moved to safer‑than‑risk assets in a tightening monetary environment.

2. Stars of the Week

Royal Bank of Canada (RY)
The Royal Bank’s share price jumped 3.6 % after a 15 % increase in quarterly earnings, driven by a surge in wealth‑management fees and a stronger-than‑expected loan portfolio. Analysts upgraded the bank’s target price from $215 to $225, citing a more favorable credit environment in Canada.

Shopify Inc. (SHOP)
Despite a 7 % decline in quarterly revenue, Shopify’s shares rose 4.2 % after the company announced a new partnership with Amazon to expand its marketplace offerings. The partnership is expected to generate a 12 % uptick in monthly recurring revenue in the next 12 months.

Suncor Energy (SU)
Suncor posted a 10 % increase in net profit, supported by higher oil prices and a new pipeline contract that will bring Canadian crude into the U.S. market. The company’s shares leapt 5.1 % as investors welcomed the expansion of its refining capacity.

Canadian National Railway (CNR)
CN’s earnings beat estimates, thanks to an uptick in domestic freight volumes. The stock advanced 3.8 % on a report that highlighted a 4 % year‑on‑year increase in intermodal shipments.

BCE Inc. (BCE)
BCE’s telecommunications services saw a 7 % surge in subscriber growth. The company’s shares rallied 4.0 % after it announced a 15 % increase in quarterly dividends, signaling confidence in its cash‑flow generation.

3. Dogs of the Week

Air Canada (AC)
Air Canada’s shares fell 6.5 % after the airline announced a 10 % cut to its 2025 fleet. The move reflects the airline’s ongoing cost‑cutting efforts to address declining domestic travel demand and rising fuel costs.

Magna International (MGA)
The auto‑parts maker’s shares dropped 3.9 % following a 4 % decline in revenue, driven by lower demand from its automotive OEM clients. The company warned of a potential inventory build‑up, raising concerns about its supply‑chain resilience.

Canadian Natural Resources (CNQ)
CNQ’s stock slid 5.2 % after the company cut its 2025 capital‑expenditure plan by 12 %. The cut is part of a broader strategy to streamline its asset base amid fluctuating oil prices.

Brookfield Asset Management (BAM)
Brookfield fell 3.1 % after the asset‑management firm reported lower-than‑expected performance in its real‑estate portfolio. The company cited rising interest rates and tightening credit conditions as the primary factors.

Skechers (SKYY)
Skechers’ shares declined 4.7 % following a 9 % drop in quarterly sales, primarily in North America. The retailer announced a restructuring plan that includes store closures and inventory write‑downs.

4. Sector Highlights

• Financials: The sector’s 1.9 % gain was led by the top banks, all of which reported stronger net‑interest margins amid higher lending rates. Analysts anticipate a continued upward trajectory as the Bank of Canada signals potential policy easing in the next quarter.

• Energy: Energy stocks rallied 2.3 % on higher oil prices and a bullish outlook for natural‑gas production in Canada. The sector’s resilience is bolstered by the strong pipeline pipeline pipeline network that underpins domestic distribution.

• Technology: Tech names such as Shopify and the broader “Big Tech” cluster posted mixed results. While revenue growth slowed in some cases, product launches and strategic partnerships offset the pressure on earnings.

• Industrial: The industrial sector was mixed, with transportation stocks (Canadian National, CN Rail) outperforming but manufacturing names lagged due to supply‑chain bottlenecks.

• Consumer Discretionary: The segment fell 1.7 % amid rising inflation and a consumer shift toward value‑based spending. Retailers announced price‑adjustment strategies to maintain margins.

5. Macro & Policy Context

• Interest Rates: The Bank of Canada maintained its policy rate at 4.75 % on Wednesday, citing persistent inflation pressures. The decision was met with a mild sell‑off in high‑growth tech and growth‑stock segments.

• Inflation: Consumer price inflation remains stubbornly high at 6.4 %, above the Bank’s 2–4 % target. Analysts warn that the inflationary pressure may persist longer than anticipated, prompting cautious sentiment in the equity markets.

• Trade & Geopolitics: The United States–China trade dispute saw a slight easing with the announcement of a new phase‑two agreement, which may lift commodity prices and buoy Canadian exporters.

• Climate & ESG: Investors showed growing interest in ESG metrics, reflected in the rise of green bonds and the performance of renewable‑energy companies. Several energy firms disclosed new carbon‑offset initiatives, enhancing their market appeal.

6. Looking Ahead

• Quarterly Earnings: Major Canadian banks will report Q2 earnings next week, with expectations of a continued upward revision in loan growth and credit quality. Investors will also be watching the earnings of the top technology and energy firms for clues on whether the sectoral momentum will persist.

• Policy Developments: The Bank of Canada’s next policy meeting on May 4 could signal a shift toward a more accommodative stance if inflation starts to subside. Markets will also be attentive to the U.S. Federal Reserve’s minutes, particularly regarding its outlook on rate hikes.

• Corporate Actions: Several companies, including Royal Bank, Suncor, and BCE, announced plans for capital‑return programs (share buybacks and dividends) that may boost shareholder value and support stock prices.

7. Bottom Line

The week’s gains reflect a blend of stronger earnings, rising commodity prices, and a cautious but hopeful outlook on monetary policy. While the stars of the week benefited from both fundamental strength and strategic initiatives, the dogs struggled with headwinds such as rising fuel costs, supply‑chain bottlenecks, and macro‑economic uncertainty. For investors, the key takeaways remain: diversification across sectors, a focus on companies with solid balance sheets and robust growth prospects, and vigilant monitoring of macro‑economic indicators that can influence market direction.