Canadian Stocks Remain Firmly Positive Despite Paring Some Gains
2025-01-12
3263
(fxcue news) - Despite paring some gains, the Canadian market remains firmly place in positive territory Monday afternoon thanks to sustained buying in several stocks from the energy sector. Healthcare, communications and consumer discretionary stocks are among the other notable gainers.
The mood remains positive amid optimism about some interest rate cuts by the Federal Reserve and a few other central banks this year. A report that Donald Trump won't impose tariffs on the first day of his presidency contributed as well to the positive sentiment in the market.
According to reports, Trump will direct departments to research its trade relations with China, Canada and other trade partners.
The benchmark S&P/TSX Composite Index, which climbed to 25,245.78, was up 65.07 points or 0.26% at 25,132.99 a little while ago.
Bombardier Inc (BBD.B.TO) is up nearly 8% thanks to reports that Trump will hold off on imposing tariffs on Canada for now.
Bausch + Lomb (BLCO.TO) is gaining 7.3%. MEG Energy (MEG.TO) is rising 5.8%, MTY Food Group (MTY.TO) is climbing 4% and Canadian Natural Resources (CNQ.TO) is up 3.5%.
Cargojet (CJT.TO), Hut 8 Corp (HUT.TO), BRP Inc (DOO.TO), Tourmaline Oil Corp (TOU.TO), EQB Inc (EQB.TO), Boyd Group Services (BYD.TO), Linamar Corporation (LNR.TO) and Canadian Pacific Kansas City (CP.TO) are up 1.3 to 3.5%.
Kinaxis Inc (KXS.TO) is down by about 2%. Constellation Software (CSU.TO), Brookfield Corporation (BN.TO), Toronto-Dominion Bank (TD.TO) and Waste Connections (WCN.TO) are also notably lower.
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