The Canadian stock market appears poised to conclude the final trading session of 2024 on an upward trajectory. The indices have been bolstered by notable advancements in the communications, energy, and materials sectors.
Gains in the energy and materials sectors are largely attributed to the robust prices of crude oil and bullion, respectively.
Currently, the benchmark S&P/TSX Composite Index has risen by approximately 117.90 points, or nearly 0.5%, standing at 24,738.49.
Softchoice Corporation (SFTC.TO) is experiencing a substantial increase, surging close to 13%. Meanwhile, Parex Resources (PXT.TO) has appreciated by 7.1%, and Cargojet (CJT.TO), Quebecor Inc (QBR.A.TO), and Brookfield Business Corporation (BBUC.TO) have increased between 4.7% and 5.6%.
Additionally, BCE Inc (BCE.TO), Precision Drilling Corporation (PD.TO), Richelieu Hardware (RCH.TO), Finning International (FTT.TO), goeasy (GSY.TO), and Canadian Natural Resources (CNQ.TO) are seeing uplifts ranging from 2% to 3.1%.
Other stocks demonstrating significant upward momentum include Cogeco Communications (CCA.TO), Cogeco Inc (CGO.TO), BRP Inc (DOO.TO), Sprott Inc (SII.TO), Methanex Corporation (MX.TO), Gildan Activewear (GIL.TO), Atkins Realis (ATRL.TO), Imperial Oil (IMO.TO), Molson Coors Canada (TPX.A.TO), Colliers International (CIGI.TO), and EQB Inc (EQB.TO).
Conversely, Hut 8 Corp (HUT.TO) is experiencing a decline, down by 4.4%. Celestica Inc (CLS.TO), Onex Corporation (ONEX.TO), and Tourmaline Oil Corp (TOU.TO) are also currently trading lower.
