Canadian Stocks Up Firmly After Long Losing Streak
2024-12-21
4821
(fxcue news) - Canadian stocks are firmly up in positive territory on Friday, rebounding strongly with investors indulging in some hectic bargain hunting after six straight days of losses.
The market's rise is also due to the positive reaction to the Federal Reserve's preferred readings on consumer price inflation.
The benchmark S&P/TSX Composite Index was up 277.87 points or 1.14% at 24,691.81 a little while ago.
Data from Statistics Canada showed retail sales in Canada increased 1.5% in October over the same month in the previous year.
Retail sales are expected to have remained unchanged from the previous month in November, according to flash estimate, following a 0.6% increase in October.
Healthcare, materials, technology, consumer discretionary and real estate are up with strong gains. Shares from industrials, utilities and financials stocks are among the other notable gainers.
Telesat Corporation (TSAT.TO) is rising 7.5%. Rogers Communications (RCI.A.TO), Aritzia Inc (ATZ.TO), CAE Inc (CAE.TO), Celestica Inc (CLS.TO), Bombardier Inc (BBD.B.TO) and Newmont Corporation (NGT.TO) are up 3.5 to 6%.
Teck Resources (TECK.B.TO), Magna International (MG.TO), BRP Inc (DOO.TO), Alimentation Couche-Tard (ATD.TO), Precision Drilling Corporation (PD.TO), Shopify Inc (SHOP.TO), Canadian Pacific Railway (CP.TO) and Agnico Eagle Mines (AEM.TO) are gaining 2 to 3%.
Among the losers, Aya Gold & Silver (AYA.TO), TerraVest Industries (TVK.TO), Morguard Corporation (MRC.TO), North West Company (NWC.TO) and TFI International (TFII.TO) are down 1 to 2.5%.
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