04:30 PM EST, 11/12/2025 (MT Newswires) -- The Toronto Stock Exchange climbed to a fresh record close Wednesday as the federal government prepares to outline details of new planned nation-building projects, the door was re-opened to another potential rate cut in coming months and there was evidence of positive consumer sentiment as RBC reported cardholders sustained spending momentum in October.

Despite mixed commodity prices, the resources heavy-index S&P/TSX Composite Index rose 418.33 points, or 1.4%, to 30,827.58, taking total gains over the first three days of this week to more than 900 points. The previous record close of 30,637.12 was struck on October 15.

Most sectors were higher, led by Base Metals up near 2%, and with Financials, Health Care and Industrials all up more than 1.4%. The Battery Metals Index was down near 1.2%, after strong gains for it of late.

In stock news, MEG Energy ( MEGEF ) said the Court of King's Bench of Alberta has granted the final order in approving its acquisition by Cenovus Energy ( CVE ) . The sale was approved by MEG shareholders at a Nov.6 special meeting. Subject to the satisfaction or waiver of other customary closing conditions, the sale is expected to close on November 13.

Among news items that likely added to already bullish investor sentiment, Prime Minister Mark Carney is set to unveil the second phase of major projects Thursday, with that list including mining and energy developments, sources told CTV News. According to the sources, the new projects will include the Ksi Lisims liquefied natural gas (LNG) project in British Columbia, Ontario's Crawford nickel project, the Sisson Mine in New Brunswick and a hydroelectric development in Iqaluit, Nunavut. The list is also subject to change, the sources say.

On rates, Desjardins Macro Strategist Tiago Figueiredo reopened the door to another potential rate cut in coming months, having shut that same door only days ago. This follows the release Wednesday of an account on the deliberations of the Bank of Canada's Governing Council leading to its rate-cut decision on Oct.29, 2025, when it reduced its target for the overnight rate by 25 basis points to 2.25%

Figueiredo noted Canadian central bankers at the time not only cut, but clearly signaled that monetary policy was reaching its limits. He said: "Members believe that structural adjustments in the economy will add costs as businesses reorient their supply chains, customer bases and business models. Since monetary policy is not well suited to address such challenges, Governing Council is wary of cutting rates too much and spurring a resurgence in inflation. In fact, members debated whether or not to even ease policy last month."

But, he also noted, members did acknowledge the elevated uncertainty and wider than normal range of risks surrounding their base case forecast. "If new information changes the outlook materially, central bankers are prepared to adjust their policy rate further," he said.

"So," Figueiredo said, "while our revised projection sees the Bank of Canada on hold for the next year, we aren't fully convinced. As Governing Council outlined, risks remain skewed to the downside for the economy, which could push central bankers off the sidelines in the next few months."

On consumer sentiment, RBC said cardholder spending held on to September's momentum in October, showing consumer resilience despite ongoing economic uncertainties. RBC's core retail sales grew 0.5% on a three-month rolling average basis, showing a solid start to the fourth quarter.

Meanwhile, amid an ongoing trade battled with the United States over tariffs, Canadians continued to steer clear of the United States in October, with the month marking yet another major drop in year over year visitors, The Canadian Press is reporting. It noted the number of Canadian residents who returned by car from the U.S. fell to 1.4 million in October, a 30.5% drop from the same period in 2024, according to preliminary data from Statistics Canada. The Canadian Press report said the drop marked the tenth-straight month of lower volumes, beginning the month after U.S. President Donald Trump was elected. The number of Canadians returning home from south of the border by air sank to 437,300, down 24%, it added.

After market close, Canada's Foreign Affairs Minister, Anita Anand, said she had discussed a number of issues with her U.S. counterpart, Secretary of State Marco Rubio, but not tariffs, during a G7 Foreign Ministers Meeting on Canadian soil, as trade is not his responsibility.

Of commodities, gold traded higher late afternoon Wednesday, rising for the third time in four sessions as momentum buying returns ahead of the reopening of the U.S. government. Gold for December delivery was up US$85.80 to US$4,202.10 per ounce, the highest since it closed at a record high of US$4,359.40 on Oct. 20.

But West Texas Intermediate crude oil closed sharply lower as fresh warnings over rising global inventories offsets strong demand and tight supply for refined products. WTI crude oil for December delivery closed down $2.55 to settle at US$58.49 per barrel, while January Brent oil was down $2.50 to US$62.66.