Canadian stocks are experiencing a varied performance at the start of the week as investors monitor commodity prices in anticipation of the Bank of Canada's interest rate announcement, alongside key U.S. economic data.
Currently, stocks from the materials, energy, consumer discretionary, and healthcare sectors show positive momentum, whereas utilities, technology, and real estate stocks are lagging.
Earlier today, the S&P/TSX Composite Index hit a record high of 25,853.20 but has since dipped by 31.53 points, marking a 0.12% decrease to 25,660.27.
Among standout performers, SSR Mining Inc. (SSRM.TO) has surged nearly 12%, while Silvercrest Metals (SIL.TO) and Gatos Silver Inc. (GATO.TO) have risen 9% and 8.5%, respectively.
Other gainers include Pan American Silver Corp (PAAS.TO), Source Energy (SHLE.TO), Sprott Inc (SII.TO), Torex Gold Resources (TXG.TO), Canadian Western Bank (CWB.TO), and Eldorado Gold Corporation (ELD.TO), each climbing between 5% and 6.3%.
In the 3% to 4.5% range, Teck Resources (TECK.B.TO), MAG Silver Corp (MAG.TO), Telesat Corporation (TSAT.TO), MTY Food Group (MTY.TO), Rogers Communications (RCI.A.TO), BRP Inc. (DOO.TO), and Precision Drilling Corporation (PD.TO) are experiencing upward momentum. Other notable gainers include Magna International (MG.TO), Restaurant Brands International (QSR.TO), Wheaton Precious Metals (WPM.TO), Linamar Corporation (LNR.TO), and Agnico Eagle Mines (AEM.TO).
On the downside, VersaBank (VBNK.TO) has notably declined 13% following its announcement of a net income of $5.52 million for its latest quarter ending October 31, 2024, compared to $124.8 million in the corresponding period last year.
Hut 8 Corp (HUT.TO) has fallen nearly 9%, while Capital Power Corporation (CPX.TO) is down 7%. Additionally, stocks such as Cameco Corporation (CCO.TO), Celestica Inc. (CLS.TO), Calian Group (CGY.TO), CCL Industries (CCL.B.TO), Fairfax Financial Holdings (FFH.TO), Shopify Inc. (SHOP.TO), Cogeco Communications (CCA.TO), AtkinsRealis (ATRL.TO), and Waste Connections (WCN.TO) are experiencing declines ranging from 2% to 5%.
In corporate news, Swedish miner Boliden AB has reached an agreement with Lundin Mining Corporation (LUN.TO) to acquire the Neves-Corvo mine in Portugal and the Zinkgruvan mine in Sweden for an initial cash payment of $1.3 billion. The agreement includes conditional payments up to $150 million, structured on a cash and debt-free basis. Lundin Mining shares have inched up by approximately 0.3%.
Mullen Group (MTL.TO) has received Board approval for its 2025 strategic plan, aiming for revenue of $2.2 billion and $350 million in OIBDA, driven by new acquisitions. The Group plans to allocate $100 million for capital expenditures and $150 million for acquisitions. Their stock is up about 1.3%.
Meanwhile, Ballard Power Systems (BLDP.TO) has risen nearly 7% post-announcement of a multiyear supply deal with Stadler U.S. to provide 8 megawatts of fuel cell engines for California Department of Transportation (Caltrans) trains.
