The S&P/TSX Composite rose 0.4% to close at a fresh record of 27,082 on Thursday, buoyed by a rotation into consumer-discretionary and industrial names that more than offset weakness in energy and materials. Air Canada added 3.7% on upwardly revised traffic forecasts, and Canada Goose rallied 3.8% amid reports Bain Capital may divest its stake. At the same time, base-metals producers outperformed as copper futures held near recent highs despite looming US tariffs, supporting the materials subgroup and helping to counterbalance a modest pullback in oil, which eased below $67 a barrel on OPEC+ supply-pause speculation. Behind the scenes, Ottawa’s push to seal a free-trade pact with Southeast Asian economies has lent structural support by signaling diversification beyond US markets, while investors await Friday’s Canadian jobs report for clues on domestic growth and potential Bank of Canada policy shifts.