The Canadian market experienced a slight uptick on Wednesday afternoon, bolstered by advances in technology and materials sectors. Conversely, healthcare, communications, consumer discretionary, and utilities stocks faced declines.
The market managed to secure gains despite circulating reports of U.S. President-elect Donald Trump's plans to implement new tariffs.
The key S&P/TSX Composite Index climbed 55.62 points, or 0.22%, reaching 24,985.51 with just over an hour remaining before the market's close.
The Capped Information Technology Index posted an increase of 1.75%, buoyed by Celestica Inc. (CLS.TO) and Constellation Software (CSU.TO), which rose 4.7% and 4.5%, respectively. Tecsys Inc. (TCS.TO) and Descartes Systems Group (DSG.TO) also saw significant gains.
K92 Mining Inc. (KNT.TO) led the Materials Index with a sharp 14% rise, followed by Equinox Gold Corp (EQX.TO) which appreciated by 8.5%.
Calibre Mining Corp (CXB.TO) enjoyed an 8.2% surge after announcing a record-breaking gold production in the fourth quarter of 2024.
Kinross Gold Corp (K.TO), Silvercrest Metals (SIL.TO), New Gold (NGD.TO), SSR Mining (SSRM.TO), Franco-Nevada Corp (FNV.TO), Dundee Precious Metals (DPM.TO), and Eldorado Gold (ELD.TO) reported increases ranging from 3% to 5%.
Sandstorm Gold Ltd. (SSL.TO) revealed post-market on Tuesday that its fourth-quarter revenue increased by 6.5%, totaling US$47.4 million when compared to the same quarter last year. The stock experienced a slight upward movement.
Alimentation Couche-Tard Inc. (ATD.TO) saw its share price climb 1.75% following a rating upgrade to "Outperform" by the National Bank of Canada.
George Weston (WN.TO) experienced a 1.7% boost, driven by a recent rating upgrade from Scotiabank.
