On a positive note, the Canadian market concluded Wednesday with notable gains, primarily driven by robust activity in the technology and materials sectors. However, the market's upward momentum was somewhat restrained due to weaker performances in the healthcare, communications, and consumer discretionary sectors.
This upward trend occurred despite announcements from the U.S., indicating that President-elect Donald Trump intends to introduce new tariffs.
The benchmark S&P/TSX Composite Index closed the session up by 121.79 points, or 0.49%, finishing at 25,051.68, just below the intraday high of 25,061.55.
Leading the charge, K92 Mining Inc (KNT.TO) surged nearly 16%, with Equinox Gold Corp (EQX.TO) climbing 10%. Several companies, including Eldorado Gold (ELD.TO), Celestica Inc (CLS.TO), ATCO (ACO.Y.TO), Constellation Software (CSU.TO), Franco-Nevada Corporation (FNV.TO), Brookfield Asset Management (BAM.TO), Alamos Gold (AGI.TO), and Arc Resources (ARX.TO), experienced gains ranging from 3% to 5%.
Calibre Mining Corp (CXB.TO) rose by 9.5% following its announcement of record gold production in Q4 of 2024. Alimentation Couche-Tard Inc (ATD.TO) appreciated by 2.5%, buoyed by an "Outperform" rating upgrade from the National Bank of Canada. Other significant gainers included GFL Environmental (GFL.TO), Canadian Tire Corporation (CTC.TO), Torex Gold Resources (TXG.TO), Keyera Corp (KEY.TO), and Agnico Eagle Mines (AEM.TO).
Conversely, Boralex Inc (BLX.TO) experienced a 5.6% decline. Additionally, shares of Hut 8 Corp (HUT.TO), Telesat Corporation (TSAT.TO), Bombardier Inc (BBD.B.TO), Methanex Corporation (MX.TO), Linamar Corporation (LNR.TO), Stella-Jones (SJ.TO), and Magna International (MG.TO) saw declines ranging from 3% to 5.2%.
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