RY 163.82 -0.2739% SHOP 116.91 -18.9139% TD 83.13 -3.1345% ENB 64.13 -0.8197% BN 73.06 -6.1649% TRI 249.26 -0.8552% CNQ 42.675 -5.2929% CP 100.79 -2.9372% CNR 140.45 -2.1459% BMO 136.74 -2.1608% BNS 68.2 0.1468% CSU 4587.0698 -3.2264% CM 84.1 1.4108% MFC 43.98 -5.1133% ATD 73.43 0.6442% NGT 68.53 -1.8335% TRP 69.25 -0.9582% SU 52.52 -6.3481% WCN 281.58 0.0107% L 211.6 3.4415%

The Canadian market closed slightly up on Friday

By: Team Kalkine | Dec 09, 2024 | Read Time : 10 Mins
The Canadian market closed slightly up on Friday

Image Souce: Krish Capital Pty Ltd

Index Update: The benchmark S&P/TSX Composite Index, which hit a new record high at 25,826.98, closed up 11.76 points or 0.05% at 25,691.80. The index gained 0.17% in the week.

Macro Update: Data from Statistics Canada said employment in Canada rose by 51,000 in November of 2024, the most in seven months, extending the slight change of 14,500 from the previous month and well above the market consensus of 25,000.

Meanwhile, the unemployment rate in Canada rose to 6.8% in November, from 6.5% in the previous month. The unemployment rate was expected to come in at 6.6%.

Top Movers: Technology stock Bitfarms (BITF.TO) soared nearly 10%. Shopify Inc (SHOP.TO), Sangoma Technologies (STC.TO), Enghouse Systems (ENGH.TO), Celestica Inc (CLS.TO), Coveo Solutions (CVO.TO), Descartes Systems Group (DSG.TO) and Lightspeed Commerce (LSPD.TO) gained 2 to 5%.

Our Stance: The index has solid support around the 25,000 mark. Maintaining above this level is critical for sustaining the bullish momentum. If the index falls below this level, it could face a retracement, with possible support found in the 25,200 to 24,900 range on the weekly chart. Keeping above these support zones will be essential for maintaining investor sentiment and avoiding a deeper pullback.

Commodity Update: The U.S. dollar weakened on Monday as investors awaited crucial inflation data this week, particularly the consumer price index (CPI), for insights into potential interest rate moves. Geopolitical tensions in Syria, following the ousting of President Bashar al-Assad, added to market uncertainty. In commodities, gold gained 0.25% to $2,666.20, silver rose 0.02% to $31.59, and copper climbed 0.30% to $9,125.50. Brent crude edged up 0.30% to $71.40, as Middle East tensions overshadowed concerns about weak Chinese demand, highlighted by Saudi Aramco's price cuts to Asian buyers. The market is focused on Wednesday’s CPI report for economic signals.

A graph of stock market

Description automatically generated

Technical Update: The S&P/TSX Composite Index showed a slight positive move on Friday, with a modest gain of 11.76 points, or 0.05%, closing at 25,691.80. The day's trading activity was marked by strong volume, signaling continued investor confidence and a willingness to buy into the market. A standout performer was the technology sector, which rose by 1.78%, a sign of growing optimism in this area. From a technical perspective, the index is comfortably above its 21-period Simple Moving Average (SMA), which suggests that the trend is still bullish. The SMA may serve as a key level of support, and as long as the index stays above it, the positive trend could continue. The Relative Strength Index (RSI) is at 76.02, signaling that the market is still in a healthy state with room for further gains. The index has solid support around the 25,000 mark. Maintaining above this level is critical for sustaining the bullish momentum. If the index falls below this level, it could face a retracement, with possible support found in the 25,200 to 24,900 range on the weekly chart. Keeping above these support zones will be essential for maintaining investor sentiment and avoiding a deeper pullback.


Disclaimer- This article has been prepared by Kalkine Pty Limited (ABN 34 154 808 312) (Australian financial services licence number 425376) (“Kalkine”) and its related bodies corporate authorised to provide general financial product advice. Kalkine.com.au and associated pages are published by Kalkine. Any information/advice provided in this article is general in nature and does not take into account your objectives, financial situation or needs. You should therefore consider whether the information is appropriate to your objectives, financial situation and needs before acting upon it. There may be a Product Disclosure Statement, Information Statement or other offer document for the securities or other financial products referred to in Kalkine articles. You should obtain a copy of the relevant Product Disclosure Statement, Information Statement or offer document and consider the statement or document before making any decision about whether to acquire the security or product. Please note past performance is neither an indicator nor a guarantee of future performance. You should also seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice) as necessary before acting on any advice/information in this article or on the Kalkine website. Not all investments are appropriate for all people. The information in this article and on Kalkine website has been prepared from a wide variety of sources, which Kalkine, to the best of its knowledge and belief, considers accurate. Kalkine has made every effort to ensure the reliability of information contained in its articles, newsletters and websites. All information represents our views at the date of publication and may change without notice. Kalkine does not guarantee the performance of, or returns on, any investment. To the extent permitted by law, Kalkine excludes all liability for any loss or damage arising from the use of this article, the Kalkine website and any information published on the Kalkine website (including any indirect or consequential loss, any data loss or data corruption). If the law prohibits this exclusion, Kalkine hereby limits its liability, to the extent permitted by law. Please also read our Terms & Conditions and Financial Services Guide for further information. On the date of publishing this article (referred to on the Kalkine website), employees and/or associates of Kalkine and its related entities do not hold interests in any of the securities or other financial products covered on the Kalkine website unless those persons comply with certain safeguards, procedures, and disclosures. Some of the images/music that may be used in the article are copyright to their respective owner(s). Kalkine does not claim ownership of any of the pictures displayed/music used in the article unless stated otherwise. The images/music that may be used in the article are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated or was found to be necessary. Kalkine Media Pty Ltd, an affiliate of Kalkine Pty Ltd, may have received, or be entitled to receive, financial consideration in connection with providing information about certain entity(s) covered on its website.