The Canadian stock market experienced a moderate rise on Tuesday, marking its sixth consecutive session of gains, buoyed by advancements in the technology, finance, and consumer discretionary sectors. However, healthcare and energy stocks weakened, and the remaining sectors posted varied results.
Investors weighed the latest Canadian inflation figures and speculated on the potential impact of President Donald Trump's policies, following his inauguration on Monday. Trump, having enacted several executive orders, hinted at tariffs on imports from Canada and Mexico but stopped short of implementing such measures.
The S&P/TSX Composite Index concluded the session up by 110.05 points or 0.44%, reaching 25,281.63.
According to Statistics Canada, the country's annual inflation rate eased to 1.8% in December from 1.9% previously, with the consumer price index falling by 0.4% month-over-month following a stagnant reading in November. Meanwhile, core annual inflation reached a six-month high of 1.8% in December, up from 1.6% in November. Core consumer prices dropped by 0.3% in December, following a 0.1% decline the month before.
Among the notable performers, E-L-Financial Corporation and Telesat Corporation ended the day with significant gains of 11.3% and 10.4%, respectively, while Canadian Tire Corporation rose by 5.4%. Cameco Corporation, Celestica Inc, and Calian Group saw their shares increase by 3 to 3.3%. Other companies like MTY Food Group, Dollarama Inc, goeasy, Shopify Inc, Constellation Software, CCL Industries, West Fraser Timber, Descartes Systems Group, Wheaton Precious Metals, and Imperial Oil reported advancements of 1.5 to 3%.
Conversely, Hut 8 Corp, Bombardier Inc, Cenovus Energy, Cargojet, and MEG Energy Corp experienced declines ranging from 4 to 6.5%. First Quantum Minerals, Boralex, Canadian Natural Resources, Cogeco Inc, and TC Energy Corp also saw notable decreases.
