Get the edge with up-to-the-minute forex market news and insights.
The S&P TSX Composite edged up by 0.4%, reaching a new record high of 33,145 on Friday, closing the week with a 0.3% gain. This movement was primarily driven by the strength in resource-related stocks, which compensated for the declines seen in the technology and financial sectors as investors reevaluated Canada's economic growth prospects. Energy stocks were at the forefront of the increase, with Canadian Natural Resources, Suncor, Imperial Oil, and Cenovus experiencing rises between 1.2% and 1.3%, spurred by advancing oil prices poised for a fifth consecutive weekly rise. The mining sector also contributed positively, as Barrick and Wheaton Precious Metals saw hikes of 3.1% and 1%, respectively, following a surge in gold prices due to escalating geopolitical tensions. Conversely, major financial institutions like BMO and TD Bank, alongside Brookfield, experienced declines ranging from 0.2% to 1.3%. On the economic front, the weaker retail sales figures for December highlighted persistent consumer vulnerability, casting doubt on the assumption that the Bank of Canada has concluded its policy easing measures.
The material has been provided by - RobotFX.Org
Experience adaptive trading with the Fluid Expert Advisor for MT4/MT5. Dynamic money management and trend detection. Click for info.
Boost your trading with advanced tools from RobotFX. Visit www.robotfx.org for expert advisors and indicators.
Download NOW!
No comments:
Post a Comment