(Bloomberg) — Canadian equities extended their winning streak to a fourth session Monday on gains by gold and silver miners, as precious metals prices surged in response to US President Donald Trump’s tariff threats against Europe over Greenland.
The S&P/TSX Composite Index ended the session roughly 0.2% higher, notching a fresh record. Materials was the best performer of 11 sectors. Iamgold Corp. led the index after releasing better-than-expected preliminary production figures.
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Despite the gains, concerns linger that Canada may be subject to additional US tariffs if the country sends troops to Greenland. Prime Minister Mark Carney’s government hasn’t announced a decision on that.
“If Canada is treated in the same vein as it seems Trump has threatened this group of European countries, you could anticipate the same threat to come to Canada,” Macquarie Group economist David Doyle said in an interview with BNN Bloomberg Television.
S&P/TSX index members are expected to post another record earnings season when fourth quarter reporting begins next week, Jean-Michel Gauthier, a quantitative and index strategist at Scotiabank, wrote in a Monday note to clients. He sees quarterly earnings up 14% year-over-year.
“Overall, 2026 EPS leadership and precious metal strength should rekindle domestic and foreign investors’ appetite for the Canadian equity market, which should help narrow the valuation discount to the US and further position the TSX for another year of outperformance,” he wrote.
(Updates with closing index levels.)
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