RY 162.95 0.1598% SHOP 142.44 1.9468% TD 85.37 0.5654% ENB 64.23 0.7056% BN 76.9 -0.0909% TRI 249.77 0.2287% CNQ 44.88 0.1339% CP 103.09 1.3568% CNR 142.63 1.0843% BMO 138.73 0.4999% BNS 67.52 0.6409% CSU 4678.8301 1.6439% CM 82.27 0.8829% MFC 45.86 0.8799% ATD 72.16 1.0078% NGT 69.43 0.463% TRP 69.48 1.4307% SU 55.76 -0.2326% WCN 279.05 -0.7116% L 204.17 0.349%
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Index Update: The market gained despite reports that U.S. President-elect Donald Trump is planning to impose new tariffs. The benchmark S&P/TSX Composite Index ended the session with a gain of 121.79 points or 0.49% at 25,051.68, slightly off the day's high of 25,061.55.
Macro Update: The Federal Reserve released the minutes of its latest monetary policy meeting later in the day, they did not provide much insight into the outlook for interest rates other than to suggest officials plan to take a "careful approach" to future decisions.
Top Movers: K92 Mining Inc (KNT.TO) zoomed nearly 16%. Equinox Gold Corp (EQX.TO) climbed 10%. Eldorado Gold (ELD.TO), Celestica Inc (CLS.TO), ATCO (ACO.Y.TO), Constellation Software (CSU.TO), Franco-Nevada Corporation (FNV.TO), Brookfield Asset Management (BAM.TO), Alamos Gold (AGI.TO) and Arc Resources (ARX.TO) gained 3 to 5%.
Our Stance: A breach below 24,600 could indicate a risk of retracement, with key support levels identified between 24,500 and 24,200 on the weekly chart. For the bullish trend to remain intact, it is crucial that the index holds above these support levels, ensuring continued growth potential in the near term.
Commodity Update: The U.S. dollar strengthened on Thursday, driven by rising Treasury yields, putting pressure on the yen, sterling, and euro, which hit multi-month lows amid fears of potential tariffs. Market attention is focused on U.S. President-elect Donald Trump's upcoming policies as he prepares to take office on January 20, with analysts expecting his economic agenda to boost growth and increase inflationary risks. In the commodities market, gold rose 0.26% to $2,679.20, silver gained 0.34% to $30.79, and copper saw a slight increase of 0.12%, reaching $9,066.50. Meanwhile, Brent crude oil slipped 0.40% to $75.88 per barrel, pressured by U.S. fuel inventory builds, although supply concerns from OPEC and Russia offered some support. Investors are awaiting U.S. payroll data to assess future Federal Reserve rate decisions.
Technical Update: On Wednesday, the S&P/TSX Composite Index saw a modest gain, advancing 121.79 points to close at 25,051.68, marking an increase of 0.49%. This positive performance was bolstered by strong trading volumes, reflecting continued investor enthusiasm and confidence in the market. A key contributor to the day's gains was the technology sector, which rose by 1.83%, suggesting growing optimism in this space. From a technical standpoint, the index is in a favorable position, trading above its 21-period Simple Moving Average (SMA), which is a sign of a bullish trend. The Relative Strength Index (RSI) stands at 51.68, indicating strength in the market but without reaching overbought conditions, leaving room for further potential upside. The index is currently testing a critical support level around 24,600. The ability to hold this level will be key to maintaining the upward momentum. A breach below 24,600 could indicate a risk of retracement, with key support levels identified between 24,500 and 24,200 on the weekly chart. For the bullish trend to remain intact, it is crucial that the index holds above these support levels, ensuring continued growth potential in the near term.