The Canadian stock market remains robustly positioned in positive territory on Monday afternoon, driven by continued buying interest particularly in the energy sector. Noteworthy upward movements have also been observed in the healthcare, communications, and consumer discretionary sectors.
The overall sentiment in the market is buoyed by hopeful anticipation of possible interest rate reductions from the Federal Reserve and several other global central banks within the year. Contributing to this positive outlook is a report stating that Donald Trump doesn't intend to impose tariffs on the first day of his presidency.
Reports suggest Trump plans to instruct relevant departments to evaluate trade relationships with key partners, including China and Canada.
The benchmark S&P/TSX Composite Index reached a high of 25,245.78, and currently shows an increase of 65.07 points, or 0.26%, standing at 25,132.99.
Shares in Bombardier Inc (BBD.B.TO) have surged nearly 8%, attributed to reports of a delayed tariff imposition on Canada by Trump. Bausch + Lomb (BLCO.TO) has risen by 7.3%, while MEG Energy (MEG.TO) increased by 5.8%. Additionally, MTY Food Group (MTY.TO) and Canadian Natural Resources (CNQ.TO) saw gains of 4% and 3.5%, respectively.
Other stocks like Cargojet (CJT.TO), Hut 8 Corp (HUT.TO), BRP Inc (DOO.TO), Tourmaline Oil Corp (TOU.TO), EQB Inc (EQB.TO), Boyd Group Services (BYD.TO), Linamar Corporation (LNR.TO), and Canadian Pacific Kansas City (CP.TO) have experienced gains ranging from 1.3% to 3.5%.
Conversely, Kinaxis Inc (KXS.TO) has seen a decline of approximately 2%. Further underperformers include Constellation Software (CSU.TO), Brookfield Corporation (BN.TO), Toronto-Dominion Bank (TD.TO), and Waste Connections (WCN.TO), which have also faced notable declines.
