On Monday, the Canadian stock market continued its upward trajectory for the sixth consecutive session, buoyed by the announcement that the Trump administration is delaying the implementation of trade tariffs. Reports suggest that President Donald Trump intends to have federal agencies review trade relations with key partners such as China and Canada, though he will refrain from enacting new tariffs immediately upon taking office.
The benchmark S&P/TSX Composite Index, which reached an intraday high of 25,245.78, concluded the day with an increase of 103.66 points, or 0.41%, settling at 25,171.58.
The energy and materials sectors were instrumental in the market's advancement, with substantial gains.
The Energy Capped Index experienced a notable rise of 2.32%. MEG Energy Corp surged by 6.3%, while stocks such as Terravest Capital, Athabasca Oil Corp, Canadian Natural Resources, Headwater Exploration, and Birchcliff Energy increased by 3% to 5.2%. Additionally, Whitecap Resources, Kelt Exploration, Nuvista Energy, and Baytex Energy saw significant upswings.
The Materials Capped Index advanced by 1.17%, with First Quantum Minerals, Lundin Mining Corp, Teck Resources, Hudbay Minerals, K92 Mining, Ivanhoe Mines, Calibre Mining, and Capstone Mining Corp all gaining between 3% and 4.7%.
Bombardier Inc witnessed a notable rise of 7.3%, fueled by optimism surrounding the temporary halt in Canadian tariff imposition by President Trump.
Bausch + Lomb shares ascended by 6.3%. Other notable gainers included MTY Food Group, Cargojet, Rogers Communications, Propel Holdings, Hut 8 Corp, EQB Inc, BRP Inc, and Boyd Group Services, each rising between 2% and 4.3%.
Conversely, shares of Telesat Corporation, Kinaxis Inc, Toronto-Dominion Bank, and Lessoneade Industries closed with significant declines.
