Canadian Market Retreats After Hitting New High

2024-12-01 4347
(fxcue news) - Canadian stocks are turning in a mixed performance on Monday with investors tracking commodity prices, and looking ahead to the Bank of Canada's interest rate decision, and some crucial economic data from the U.S. Several stocks from materials, energy, consumer discretionary and healthcare sectors are in positive territory, while utilities, technology and real estate stocks are weak. The benchmark S&P/TSX Composite Index, which climbed to a new high of 25,853.20 in early trades, was down 31.53 points or 0.12% at 25,660.27 a little while ago. SSR Mining Inc. (SSRM.TO) is soaring nearly 12%. Silvercrest Metals (SIL.TO) and Gatos Silver Inc (GATO.TO) are gaining 9% and 8.5%, respectively. Pan American Silver Corp (PAAS.TO), Source Energy (SHLE.TO), Sprott Inc (SII.TO), Torex Gold Resources (TXG.TO), Canadian Western Bank (CWB.TO) and Eldorado Gold Corporation (ELD.TO) are up 5 to 6.3%. Teck Resources (TECK.B.TO), MAG Silver Corp (MAG.TO), Telesat Corporation (TSAT.TO), MTY Food Group (MTY.TO), Rogers Communications (RCI.A.TO), BRP Inc (DOO.TO) and Precision Drilling Corporation (PD.TO) are rising 3 to 4.5%. Magna International (MG.TO), Restaurant Brands International (QSR.TO), Wheaton Precious Metals (WPM.TO), Linamar Corporation (LNR.TO) and Agnico Eagle Mines (AEM.TO) are also up with strong gains. VersaBank (VBNK.TO) shares are down 13%, after announcing net income of $5.52 million for the quarter ended October 31, 2024, compared to net income of $124.8 million the corresponding quarter last year. Hut 8 Corp (HUT.TO) is down nearly 9% and Capital Power Corporation (CPX.TO) is declining 7%. Cameco Corporation (CCO.TO), Celestica Inc (CLS.TO), Calian Group (CGY.TO), CCL Industries (CCL.B.TO), Fairfax Financial Holdings (FFH.TO), Shopify Inc (SHOP.TO), Cogeco Communications (CCA.TO), AtkinsRealis (ATRL.TO) and Waste Connection (WCN.TO) are down 2 to 5%. Swedish miner Boliden AB has inked a deal with Lundin Mining Corporation (LUN.TO) to acquire the Neves-Corvo mine in Portugal and the Zinkgruvan mine in Sweden for upfront cash consideration of $1.300 billion, with contingent payments of up to $150 million, on a cash and debt-free basis. Lundin Mining is gaining about 0.3%. Mullen Group (MTL.TO) said its plan for 2025 has been approved by the Board of Directors. The group expects that its new acquisitions will enable it to achieve 2025 Plan of $2.2 billion of revenue and $350.0 million of OIBDA. In 2025, the Group plans to deploy $100.0 million of capital expenditures into existing Business Units, and invest $150.0 million towards acquisitions. The stock is gaining about 1.3%. Ballard Power Systems (BLDP.TO) is up nearly 7% after the company announced that it has signed a signed a multi-year supply agreement with Stadler U.S., to supply 8 megawatts of fuel cell engines to power trains for the California Department of Transportation (Caltrans).
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