Toronto Stock Exchange Nears Two-Year High

The Toronto Stock Exchange (TSX) is near a two-year high as Canadian mining and materials stocks rally.

The Toronto Stock Exchange closed on March 6 at 21,593.96, its highest level since April 2022.

The move higher in equities comes despite the Bank of Canada holding its trendsetting overnight interest rate at 5% and saying that it is too early to ease its monetary tightening regime.

U.S. Federal Reserve Chair Jerome Powell made similar comments about interest rates in an appearance on Capitol Hill in Washington, D.C.

The materials group, which includes precious and base metal miners, rose 1.3% on March 6 while the price of gold continues to trade at all-time highs.

The energy sector that’s comprised of oil and natural gas companies rose 0.2% on the day.

The Toronto Stock Exchange has now gained 6.50% over the last 12 months. That compares to a 28% increase in the benchmark S&P 500 index in the United States

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