A concise overview of the day's financial market activity, highlighting key stock movements, trends, and major events. Stay updated on market performance and critical shifts that impact your investments.
Index Update: TSX Ends Modestly Higher After BoC Rate Decision. The benchmark S&P/TSX Composite Index settled higher by 53.85 points or 0.21% at 25,473.30. The index dropped to 25,361.26 after the Fed announced its monetary policy but regained lost ground subsequently. Macro Update:The Bank of Canada lowered interest rates by a quarter point, as widely expected. With this the overnight rate has dropped to 3%, the bank rate to 3.25% and the deposit rate to 2.95%. Top Movers: Tenaz Energy Corp (TNZ.TO) gained about 5.4%. MAG Silver Corp (MAG.TO), Rogers Communications (RCI.A.TO), MEG Energy Corp (MEG.TO), Capital Power Corporation (CPX.TO), Metro Inc (MRU.TO), Pan American Silver Corp (PAAS.TO), Cameco Corporation (CCO.TO) and First Quantum Minerals (FM.TO) closed higher by 3 to 4.5%. Our Stance: From a technical perspective, the index remains in a favorable position, trading above its 21-period Simple Moving Average (SMA), which is indicative of a bullish trend. Currently, the index is testing a crucial support level around 25,000. The ability to maintain this level is important for sustaining the upward momentum. A breach below 24,800 could signal a retracement risk, with key support levels on the weekly chart identified as around 24,000 to 24,600. Commodity Update: On
Index Update: The benchmark S&P/TSX Composite Index closed up 130.30 points or 0.52% at 25,419.45, after scaling a low of 25,277.05 and a high of 25,425.86 intraday. Macro Update: Investors now await monetary policy announcement from the Bank of Canada. The central bank is widely expected to cut interest rate on Wednesday. The Federal Reserve is also scheduled to announce its monetary policy tomorrow. The Fed is likely to hold rates, but the focus is on the accompanying statement. Top Movers: Blackberry (BB.TO) gained 6.5% and Sylogist (SYZ.TO) ended 3.8% up. Open Text Corp (OTEX.TO), Constellation Software (CSU.TO), Dye & Durham (DND.TO), Lightspeed Commerce (LSPD.TO), Kinaxis Inc (KXS.TO), Enghouse Systems (ENGH.TO) and CGI Group Inc (GIB.A.TO) closed higher by 1.3 to 3%. Our Stance: From a technical perspective, the index remains in a favorable position, trading above its 21-period Simple Moving Average (SMA), which is indicative of a bullish trend. Currently, the index is testing a crucial support level around 25,000. The ability to maintain this level is important for sustaining the upward momentum. A breach below 24,800 could signal a retracement risk, with key support levels on the weekly chart identified as around 24,000 to 24,600. Commodity Update: The
Index Update: The benchmark S&P/TSX Composite Index, which opened with a big negative gap at 25,347.93 and slid to 25,204.06 subsequently, ended the session with a loss of 179.34 points or 0.7% at 25,289.15. Macro Update: In economic news, wholesale sales in Canada increased by 0.1% month-over-month in December after a 0.2% decline in November, according to preliminary estimates. Investors are awaiting monetary policy announcements from the Bank of Canada, the Federal Reserve and the European Central Bank this week. Top Movers: Telus Corp (T.TO), BCE Inc (BCE.TO), Riocan REIT (REI.UN.TO), Colliers International (CIGI.TO), TFI International (TFII.TO) and GFL Environmental (GFL.TO) moved higher, gaining 1.3 to 4%. Our Stance: Traders should remain cautious and watch for any signs of a shift in market dynamics. The immediate support level sits at 24,900; if the index can hold above this level, it could signal that the pullback is temporary and pave the way for a potential rebound. A breach of this support, however, would raise the risk of a deeper correction, with the next key support zones at 24,600 and 24,400. Commodity Update: The Japanese yen lost some safe-haven gains as investors reacted to the potential impact of China's DeepSeek, an open-source
Index Update: Despite moving in a tight band in lackluster trade, the Canadian market closed higher on Friday, extending gains to a ninth straight day, the longest winning run in over three years. The benchmark S&P/TSX Composite Index closed up 34.41 points or 0.14% at 25,468.49, the highest finish in six weeks. The index gained about 1.6% in the week. Macro Update: In economic news, new home prices in Canada decreased by 0.1% over a month in December 2024, following a 0.1% increase in November, data from Statistics Canada showed. House Price Index decreased to 0.1% (y-o-y) in December from 0.2% in November of 2024. Manufacturing sales in Canada rose by 0.6% from the previous month in December of 2024, expanding on the 0.8% rise in the previous month, according to a preliminary estimate. Top Movers: Pan American Silver Corp (PAAS.TO), Hut 8 Corp (HUT.TO), Magna International (MG.TO), CCL Industries (CCL.A.TO), Aritzia Inc (ATZ.TO), Rogers Communications (RCI.A.TO), Dayforce (DAY.TO), Wheaton Precious Metals (WPM.TO) and Constellation Software (CSU.TO) climbed 1.5 to 2.5%. Our Stance: This upward movement, coupled with solid trading volumes, suggests continued investor confidence. Technically, the index remains in a favorable position, staying above its 21-period Simple Moving Average
Index Update: The benchmark S&P/TSX Composite Index ended with a gain of 122.58 points or 0.48% at 25,434.08, rising for the eighth consecutive session. Macro Update: On the economic front, data from Statistics Canada showed that retail sales in Canada increased 1.6% in November 2024, over the same month in the previous year. According to preliminary estimates, retail sales are expected to surge 1.6% month-over-month in December 2024. That will be the biggest gain since May 2022. Top Movers: Canadian Tire Corporation (CTC.A.TO), goeasy (GSY.TO), TerraVest Industries (TVK.TO), George Weston (WN.TO), Methanex Corporation (MX.TO), Nutrien (NTR.TO), E-L- Financial Corporation (ELF.TO) and MTY Food Group (MTY.TO) gained 2 to 4.5%. Our Stance: Technically, the index remains in a favorable position, staying above its 21-period Simple Moving Average (SMA), signaling that the bullish trend is intact. The Relative Strength Index (RSI) of 62.59 suggests there's still potential for further upside without entering overbought territory. That said, the index is testing a key support level around 25,000. If it holds above this level, the path could be clear for continued growth. Commodity Update: On Friday, the yen dominated currency markets ahead of the Bank of Japan's (BOJ) anticipated interest rate hike, with a
Index Update: The benchmark S&P/TSX Composite Index closed up 29.87 points or 0.12% at 25,311.50. Macro Update: Data from Statistics Canada showed industrial producer prices in Canada rose by 0.2% month-over-month in December, following a 0.6% increase in October. On a yearly basis, producer prices surged 4.1% in December, the sharpest increase since January 2023. Concerns about tariff threats by Trump limited market's upside. The U.S. President has repeated his threat to impose tariffs on imports from European countries. He also said his administration was discussing imposing an additional 10% tariff on goods imported from China, starting in February. Top Movers: Celestica Inc (CLS.TO) gained about 4.7%. Toromont Industries (TIH.TO), GDI Integrated Facility Services (GDI.TO), Toromont Industries (TIH.TO), WSP Global (WSP.TO), Nutrien (NTR.TO), Calian Group (CGY.TO), Stantec (STN.TO), goeasy (GSY.TO), Stella-Jones (SJ.TO) and TerraVest Industries (TVK.TO) closed higher by 2 to 4%. Our Stance: From a technical perspective, the index remains in a favorable position, staying comfortably above its 21-period Simple Moving Average (SMA). This suggests that the bullish trend is intact, and with the Relative Strength Index (RSI) at 59.79, there's still room for further upside without signaling overbought conditions. However, the index is currently testing a crucial support
Index Update: The benchmark S&P/TSX Composite Index ended the session with a gain of 110.05 points or 0.44% at 25,281.63. Macro Update: Data from Statistics Canada showed the annual inflation rate in Canada eased to 1.8% in December from 1.9% in the previous month. The consumer price index in Canada decreased 0.4% month-over-month in December, after a flat reading in November. Trump, who signed a slew of executive orders after taking charge, signaled imposition of tariffs on imports from Canada and Mexico, but refrained from enacting a policy. Top Movers: Cameco Corporation (CCO.TO), Celestica Inc (CLS.TO) and Calian Group (CGY.TO) gained 3 to 3.3%. MTY Food Group (MTY.TO), Dollarama Inc (DOL.TO), goeasy (GSY.TO), Shopify Inc (SHOP.TO), Constellation Software (CSU.TO), CCL Industries (CCL.B.TO), West Fraser Timber (WFG.TO), Descartes Systems Group (DSG.TO), Wheaton Precious Metals (WPM.TO) and Imperial Oil (IMO.TO) advanced 1.5 to 3%. Our Stance: The index is currently testing a critical support level near 24,800, and its ability to hold above this level will be pivotal in maintaining the upward momentum. A drop below this threshold could introduce retracement risks, with potential support zones on the weekly chart seen around 24,500 to 24,200. For the bullish outlook to remain intact,
Index Update: The benchmark S&P/TSX Composite Index, which climbed to 25,245.78, ended with a gain of 103.66 points or 0.41% at 25,171.58. Macro Update: According to reports, Donald Trump will direct federal agencies to assess trade relations with China, Canada and other trade partners but will hold off on imposing new tariffs on his first day in office. Top Movers: MEG Energy Corp (MEG.TO) rallied 6.3%. Terravest Capital (TVK.TO), Athabasca Oil Corp (ATH.TO), Canadian Natural Resources (CNQ.TO), Headwater Exploration (HWX.TO) and Birchcliff Energy (BIR.TO) gained 3 to 5.2%. Our Stance: From a technical perspective, the index remains in a favorable position, trading above its 21-period Simple Moving Average (SMA), which is indicative of a bullish trend. The Relative Strength Index (RSI) stands at 56.54, signaling strength in the market but without reaching overbought conditions, leaving room for further gains. Currently, the index is testing a crucial support level around 24,500. The ability to maintain this level is important for sustaining the upward momentum. A breach below 24,500 could signal a retracement risk, with key support levels on the weekly chart identified around 24,000 to 23,800. Commodity Update: The U.S. dollar rebounded in volatile Asian trading on Tuesday after President Donald
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