S&P/TSX Composite Index rises nearly 1% on mining, bank gains

The S&P/TSX Composite Index rose nearly 1%, led by mining and banking stocks. Gold prices held their gains after the U.S. signaled plans to buy back more Treasury notes and bonds in the secondary market. Agnico Eagle gained more than 1.5%, Barrick rose about 2% and WPM advanced more than 3%. RBC, TD Bank and BMO each added about 1% as weak retail sales estimates and softer consumer spending reinforced expectations that the Bank of Canada will leave interest rates unchanged next week. Fairfax Financial rose 0.7% as a frontrunner to acquire the Indian government’s stake in IDBI Bank, with up to two years potentially available to consolidate its Indian banking holdings. Retailers were mostly lower, with Dollarama down more than 0.5%.

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