Toronto, Jan 2, 2026, 10:52 ET
- Canada’s TSX Composite opened up 0.54% as mining-linked stocks gained with precious metals
- The index finished 2025 up nearly 29%, its strongest annual performance since 2009
- Gold and silver started 2026 higher after profit-taking capped a record-setting 2025 rally
Canada’s main stock index opened the first trading day of 2026 higher on Friday, lifted by mining-linked stocks as precious metal prices rebounded. At 9:30 a.m. ET, the S&P/TSX Composite index was up 0.54% at 31,882.97 points.
The early move follows a banner year for Canadian equities. The TSX ended 2025 up nearly 29%, its strongest annual performance since 2009, despite slipping 0.4% on the final session to 31,712.76. “If we do have a shift in the commodity cycle, how much does that actually deflate the exuberance that we’re seeing right now,” said Shiraz Ahmed, chief executive of Sartorial Wealth. Reuters
Precious metals began 2026 on a firmer footing after a late-December pullback. Spot gold climbed 1.7% to $4,387.58 an ounce by 1322 GMT, while silver rose 3.4% to $73.71. Gold jumped 64% in 2025, its biggest annual gain since 1979, and silver surged 147%, after sharp profit-taking earlier in the week following higher margin requirements on futures contracts.
Index “futures” are derivatives that track how investors expect a benchmark to move and are often used as a read on the open. The S&P/TSX 60 is a blue-chip gauge of 60 of the largest companies on the Toronto market.
Year-end trading showed how quickly metal prices can swing sentiment for Canada’s resource-heavy market. Investing.com said the S&P/TSX 60 was down 0.02% by 9:56 a.m. ET on Dec. 31 as traders locked in profits, with gold futures down 0.5% and silver down 6.1% in early moves.
Holiday-thinned volumes can amplify those price moves. Many funds rebalance at the turn of the year, and traders often take profits in volatile markets to reduce risk before a long weekend.
Global markets were uneven into the New Year as some exchanges closed for holidays. An Associated Press report said Germany, Japan and South Korea were shut on Dec. 31 while France’s CAC 40 fell 0.5% and Britain’s FTSE 100 was down 0.2% in early European trading.
By Friday, European stocks started 2026 at fresh records, with London’s FTSE 100 touching the 10,000-point mark for the first time and the STOXX 600 hitting another peak, Reuters reported. The same report said Japan and China were closed, while S&P 500 futures rose 0.5% and Nasdaq futures gained 1%.
On Wall Street, the year ended with a modest slide amid light trading. The Dow fell 0.63% on Dec. 31, while the S&P 500 dropped 0.74% and the Nasdaq lost 0.76%, Reuters reported, as investors capped a year marked by sharp swings across asset classes.
For Canadian investors, the key question early in 2026 is whether the same forces that powered 2025 — particularly metals and financials — keep supporting the TSX. The index’s sector mix can make it outperform when commodities rally, and lag when they reverse.
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