Canada Stocks: TSX hits another record high as investors cheer bank earnings

Shopify

25/02/2026 21:34

TSX ends up 0.5% at 34,127.33

Eclipses Tuesday's record closing high

National Bank shares up 6.6% after earnings beat

Technology sector adds 1.6%

Updates at market close

By Fergal Smith

Feb 25 (Reuters) - Canada's main stock index rose to another record high on Wednesday as concerns about artificial intelligence disruption eased and solid bank earnings boosted financial shares.

The S&P/TSX Composite Index .GSPTSE ended up 156.95 points, or 0.5%, at 34,127.33, moving past the record closing high it posted on Tuesday.

"It's all systems go," said Greg Taylor, chief investment officer at PenderFund Capital Management. "The bank earnings - there was some hesitation coming into them but they've actually been better than feared, and we're seeing some big moves today."

National Bank of Canada NA.TO shares rose 6.6% and shares of Bank of Montreal BMO were up 3.8% as both banks beat analysts' estimates for first-quarter profit. Heavily weighted financials .SPTTFS added 1.7%.

Shares of U.S. software companies extend gains for a second straight session after coming under selling pressure for much of this year on concerns about new AI tools upending traditional business models.

"We're seeing some of the selloff in AI, the fears in software services, start to dissipate," Taylor said.

The Toronto market's technology sector .SPTTTK added 1.6%, with shares of e-commerce company Shopify Inc SHOP.TO ending 2.6% higher.

Thomson Reuters Corp TRI.TO was one of the biggest gainers for a second straight day, adding 10.1%. The company announced a $600 million share buyback program and a $605 million return of capital.

Energy .SPTTEN was a drag, falling 0.7%, as the price of oil CLc1 settled 0.3% lower at $65.42 a barrel after a large U.S. crude stock build.

Loblaw Companies Ltd L.TO shares fell 5.5% after the retailer's quarterly revenue missed estimates, which contributed to a decline of 2.2% for the consumer staples sector .GSPTTCS.

 (Reporting by Fergal Smith and Utkarsh Tushar Hathi; Editing by Shreya Biswas and David Gregorio)

 ((fergal.smith@thomsonreuters.com; +1 647 480 7446))