The Canadian stock market remains strong this Thursday afternoon, retaining positive territory despite trimming earlier robust gains. Bolstered by stable commodity prices, materials and energy stocks are on the upswing, further supported by favorable manufacturing activity data.
The S&P/TSX Composite Index, initially climbing to 25,003.17, has risen by 106.28 points, or 0.43%, settling at 24,834.22 recently.
According to S&P Global data, Canada's manufacturing sector has sustained its expansion for the fourth consecutive month. The S&P Global Canada Manufacturing PMI increased to 52.2 in December 2024, slightly above the 52 reported in November, surpassing market predictions of 51.9. This reflects the most robust factory activity growth since February 2023.
The Materials Capped Index is experiencing a 2.7% increase. Stocks such as First Majestic Silver Corp and Silvercrest Metals have surged by 8.25% and 7.3%, respectively. Other firms such as Iamgold Corp, Fortuna Silver Mines, Orla Mining, MAG Silver Corp, Kinross Gold Corp, Seabridge Gold, and Pan American Silver Corp are seeing gains between 5% and 6.5%.
Key gainers in the materials sector include Hudbay Minerals, Eldorado Gold, B2Gold Corp, New Gold, Equinox Gold Corp, and Agnico Eagle Mines.
In the energy sector, companies like Vermilion Energy, Athabasca Oil Corp, Precision Drilling Corp, Baytex Energy, Arc Resources, Parex Resources, Veren Inc, International Petroleum Corp, Pason Systems, and Freehold Royalties are experiencing increases ranging from 1.5% to 3.6%.
The healthcare company Tilray Inc is up by nearly 8.5%. In technology, Bitfarms and Converge Technology have risen by 7.5% and 2.5%, respectively, with Lightspeed Commerce, Dye & Durham, and Docebo Inc also showing significant increases.
The material has been provided by InstaForex Company -
www.instaforex.com
