The Canadian market closed decisively higher on Tuesday, marking the final trading session of 2024, bolstered by the rise in energy and materials stocks driven by strong commodity prices. The real estate and communications sectors also registered significant gains.
With a scarcity of economic data and corporate announcements, trading volumes were low and market movements were relatively subdued throughout most of the session.
The S&P/TSX Composite Index climbed to a high of 24,767.80 and concluded the day with an increase of 107.35 points, or 0.44%, finishing at 24,727.94. Over the year, the index rose by approximately 18%, reaching an all-time peak of 25,843.20.
In the energy sector, Parex Resources (PXT.TO) and Baytex Energy (BTE.TO) surged by 6.7% and 5.1%, respectively. Vermilion Energy (VET.TO) saw a gain of 4.1%, while Athabasca Oil (ATH.TO), Mattr Corp (MATR.TO), Kelt Exploration (KEL.TO), International Petroleum Corp (IPCO.TO), Precision Drilling Corp (PD.TO), MEG Energy (MEG.TO), and Veren Inc (VRN.TO) advanced between 3% and 3.5%.
In the Materials Index, Interfor Corp (IFP.TO) led with a 3.1% increase. Other notable gains within the sector include Novagold (NG.TO), Centerra Gold (CG.TO), K92 Mining (KNT.TO), Calibre Mining (CXB.TO), Torex Gold Resources (TXG.TO), Alamos Gold (AGI.TO), Iamgold Corp (IMG.TO), Fortuna Silver Mines (FVI.TO), Wesdome Gold Mines (WDO.TO), MAG Silver (MAG.TO), Silvercrest Metals (SIL.TO), SSR Mining (SSRM.TO), and New Gold (NDG.TO), with increases ranging from 2% to 2.6%.
In communications, BCE Inc (BCE.TO) appreciated by about 3%, while Cogeco Communications (CCA.TO) and Rogers Communications (RCI.B.TO) rose by 1.2% and 1%, respectively.
Real estate stocks showed growth with Colliers International (CIGI.TO), Granite Real Estate (GRT.UN.TO), Boardwalk Real Estate (BEI.UN.TO), and Altus Group (AIF.TO) rising between 1.3% and 1.6%.
Noteworthy movers in other sectors included healthcare stock Bausch Health Companies (BHC.TO) and consumer discretionary stocks such as Pet Valu Holdings (PET.TO), Gildan Activewear (GIL.TO), and Brp Inc (DOO.TO).
