Thursday saw the Canadian market closing on a higher note bolstered by the energy, materials and utilities sectors' gains. Some technology sector stocks also witnessed a surge while shares from other sectors remained mostly dormant.
Investors were seen evaluating the recent economic reports from the US and Canada along with the European Central Bank's monetary policy announcement.
The main S&P/TSX Composite Index concluded with an increase of 75.76 points or 0.36%, settling at 21,101.54. Throughout the day, it fluctuated between a low point of 21,021.82 and a high of 21,120.70.
Noteworthy performers included Hut 8 Corp, which soared 17.6% and Bombardier Inc which rose by 3.8%. Stocks of Open Text Corporation, MTY Food Group, Onex Corporation, Molson Coors Canada Inc, Canadian Natural Resources, Premium Brands Holdings Corporation, FirstService Corporation, Franco-Nevada Corporation and Cargojet Inc also experienced gains ranging between 1 and 2.5%.
However, shares of Cameco Corporation, Tucows Inc, Stelco Holdings, Parkland Corporation, Cogeco Inc, Nutrien, Ag Growth International and BRP Inc witnessed a decline ranging between 1 to 3.5%.
Investor sentiment was buoyed by the US Commerce Department data revealing a stronger than expected US economic growth accompanied by a deceleration in consumer price growth in 2023’s final quarter.
In Canadian economic reports, the Canadian Federation of Independent Business (CFIB) reported a slight rise in its Business Barometer, a measure reflecting the 12-month forward business performance expectations in the country. This index increased to 49 in January 2024 from 47 in December, marking a five-month high.
Statistics Canada reported that the average weekly earnings of non-farm payroll employees in Canada increased by 4.1% year-over-year, reaching $1,228 in November 2023, a marginal increase from the revised growth of 3.9% the previous month.
Another report from Statistics Canada suggested a probable 0.6% monthly decline in Canada's manufacturing sales in December 2023, reversing from a 1.2% increase the previous month based on preliminary estimates.
