The Canadian stock market experienced an upward trend on Monday afternoon, bolstered by advances in the consumer staples, technology, consumer discretionary, and financial sectors.
The S&P/TSX Composite Index saw an increase, rising by 104.23 points or 0.43%, reaching 24,567.90.
Conversely, energy stocks faced declines due to a notable drop in oil prices. This decrease was attributed to Israel's decision to refrain from targeting Iranian oil facilities. Tehran's measured reaction has alleviated fears of a potential conflict in the Middle East and significant disruptions to oil supplies.
Additionally, Egypt has proposed a two-day ceasefire in Gaza, aiming for a "complete cessation of hostilities" after over a year of conflict between Israel and Hamas.
Hut 8 Corp (HUT.TO) surged by more than 16%. Alimentation Couche-Tard (ATD.TO) rose by 3.7%, while Cameco Corporation (CCO.TO), CCL Industries (CCL.B.TO), Loblaw Companies (L.TO), Onex Corporation (ONEX.TO), and George Weston (WN.TO) increased between 1.6% and 2.5%.
Other notable gainers included the Royal Bank of Canada (RY.TO), Constellation Software (CSU.TO), Intact Financial Corporation (IFC.TO), Thomson Reuters (TRI.TO), and WSP Global (WSP.TO), each posting gains between 0.7% and 1.5%.
On the downside, Interfor Corporation (IFP.TO) fell by 4.3%. Precision Drilling Corporation (PD.TO), Canadian Natural Resources (CNQ.TO), Imperial Oil (IMO.TO), Brookfield Renewable Partners (BEPC.TO), and Bombardier Inc (BBD.B.TO) saw declines ranging from 1.7% to 2.8%.
