The Canadian stock market concluded its initial trading session on a robust footing, driven by the upward movement of materials and energy stocks in response to strong metal and crude oil prices on Thursday.
The positive market mood was further bolstered by data indicating sustained expansion in Canada's manufacturing sector.
The S&P/TSX Composite Index, which reached an intraday high of 25,003.17, ultimately closed with an increase of 170.09 points or 0.69%, settling at 24,898.03.
According to S&P Global, Canada's manufacturing activity has been on the rise for the fourth consecutive month. The S&P Global Canada Manufacturing PMI increased to 52.2 in December 2024, slightly up from 52 in November and surpassing market expectations of 51.9. This represents the strongest growth in factory activity since February 2023.
Among the noteworthy performers, Hut 8 Corp (HUT.TO) surged 7.2%. Transcontinental Inc (TCL.B.TO), MAG Silver Corp (MAG.TO), Pan American Silver Corp (PAAS.TO), Eldorado Gold (ELD.TO), Agnico Eagle Mines (AEM.TO), Alamos Gold (AGI.TO), and Lundin Gold (LUG.TO) each recorded gains ranging from 4% to 6.7%.
Wheaton Precious Metals (WPM.TO), Sprott Inc (SII.TO), Newmont Corporation (NGT.TO), Precision Drilling Corporation (PD.TO), and Franco-Nevada Corporation (FNV.TO) each advanced by 3% to 4%.
Additionally, companies such as Stella-Jones (SJ.TO), Canadian Pacific Kansas City (CP.TO), TC Energy Corporation (TRP.TO), Canadian Tire Corporation (CTC.A.TO), Cameco Corporation (CCO.TO), Premium Brands Holdings (PBH.TO), Imperial Oil (IMO.TO), Shopify Inc (SHOP.TO), and Celestica Inc (CLS.TO) also demonstrated notable gains.
The material has been provided by InstaForex Company - www.instaforex.com
RobotFX
Posts
Posts
No comments:
Post a Comment