RY 161.2 -1.8509% SHOP 138.97 -5.2176% TD 86.42 -0.9967% ENB 63.565 0.1024% BN 74.36 -4.0145% TRI 244.82 -0.9027% CNQ 43.695 -1.3211% CP 100.11 -2.4269% CNR 140.04 -1.8641% BMO 137.15 -1.267% BNS 68.325 -1.2645% CSU 4591.96 -1.5043% CM 80.13 -2.3043% MFC 44.03 -1.1672% ATD 69.99 -0.5683% NGT 68.92 -0.4478% TRP 68.76 -0.5064% SU 54.77 -0.9405% WCN 276.03 -0.4867% L 197.94 0.7226%
Image Source : Krish Capital Pty Ltd
Index Update: The benchmark S&P/TSX Composite Index ended with a gain of 298.82 points or 1.22% at 24,870.82.
Macro Update: On the economic front, the S&P Global Canada Composite PMI declined to 46.8 in February 2025, down from 49.5 in January, marking the steepest contraction in private sector output since January 2024.
Productivity in Canada increased to 102.37 points in the fourth quarter of 2024 from 101.78 points in the third quarter of 2024, as per data from Statistics Canada.
Top Movers: Ivanhoe Mines soared 12.8%. Bombardier Inc., and First Quantum Minerals climbed about 10% and 9.6%, respectively. SSR Mining, Novagold, Lundin Gold, Orla Mining, MDA Space, K92 Mining, BlackBerry, MAG Silver, Pan American Silver Corp., Alamos Gold, Aritzia, BRP, Linamar Corporation, Equinox Gold, Tilray, Air Canada, Quebecor, Premium Brands, Onex Corp, Shopify and Barrick Gold Corporation also posted strong gains.
Our Stance: Despite the gains, the index remains below its 21-period Simple Moving Average (SMA), indicating a continued negative trend. However, with buying momentum intact, further upside remains possible. The index is currently testing a key support level around 24,500, a critical threshold for sustaining bullish momentum. A break below this level could trigger a pullback toward 24,200 or 24,000.
Commodity Update: The euro reached a four-month high against the U.S. dollar on Thursday, driven by a surge in European bond yields, spurred by Germany’s proposed 500-billion-euro infrastructure fund and borrowing limit overhaul. Meanwhile, the U.S. dollar struggled near a four-month low against major peers. President Trump's administration granted a one-month reprieve on auto import levies for Canada and Mexico, highlighting shifting trade dynamics. In commodities, gold rose 0.22% to $2,932.30, silver gained 0.21% to $33.20, and copper increased 0.20% to $9,612.80. Brent crude oil climbed 0.61% to $69.72 amid tariff-related concerns.
Technical Update: On Wednesday, the S&P/TSX Composite Index climbed 298.82 points to close at 24,870.82, marking a 1.22% gain. While modest, this increase reflects strong investor confidence and market participation, driven largely by a 3.68% rise in the basic materials sector. Despite the gains, the index remains below its 21-period Simple Moving Average (SMA), indicating a continued negative trend. The Relative Strength Index (RSI) stands at 42.51, suggesting stable market conditions while approaching overbought territory, which could signal a potential near-term correction. However, with buying momentum intact, further upside remains possible. The index is currently testing a key support level around 24,500, a critical threshold for sustaining bullish momentum. A break below this level could trigger a pullback toward 24,200 or 24,000, increasing downside risk. Holding above these levels will be essential to prevent further downward pressure.
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