On Monday, the Canadian market initially reached a record high in early trading but subsequently declined into negative territory, where it remained until the session concluded. Investor caution was apparent as they anticipated the Bank of Canada's forthcoming policy announcement and important economic data from the U.S.
The S&P/TSX Composite Index began the session at a new peak of 25,843.20 but closed 66.38 points lower, a dip of 0.26%, settling at 25,625.42.
There were declines among utilities, technology, industrials, and communications stocks. However, material stocks saw growth, supported by strong metal prices. Healthcare and consumer discretionary sectors were notable gainers as well.
Within the Materials Capped Index, SSR Mining Inc. (SSRM.TO) surged 12.1%, leading the gains. Other significant increases were observed in Fortuna Silver Mines (FVI.TO), Silvercrest Metals (SIL.TO), Orla Mining (OLA.TO), among others, with rises between 4% and 8%.
In healthcare, Bausch Health Companies (BHC.TO) and Tilray Inc. (TLRY.TO) experienced increases of 3.8% and 2.75%, respectively.
The consumer discretionary sector saw BRP Inc. (DOO.TO) rally by approximately 4.2%. MTY Food Group (MTY.TO) and Canadian Tire Corporation (CTC.A.TO) rose by 2.3% and 2.1%, respectively, with strong performances also noted from Restaurant Brands International (QSR.TO), Linamar Corp (LNR.TO), and Magna International (MG.TO).
Ballard Power Systems (BLDP.TO) rose by about 5.3% following its announcement of a multi-year supply agreement with Stadler U.S. to provide 8 megawatts of fuel cell engines for trains under the California Department of Transportation (Caltrans).
Conversely, VersaBank (VBNK.TO) saw an 11.4% drop after reporting a net income of $5.52 million for the quarter ending October 31, 2024, down from $124.8 million in the same quarter of the previous year.
Molson Coors Canada (TPX.A.TO) decreased by 11.4%, while Hut 8 Corp (HUT.TO) fell almost 10%. Other notable companies, including Capital Power Corporation (CPX.TO) and Cameco Corporation (CCO.TO), posted losses, whereas gains were observed in companies like Celestica Inc. (CLS.TO), Shopify Inc. (SHOP.TO), and the Bank of Montreal (BMO.TO), among others.
