OTTAWA: Canada’s resource-heavy main stock index was little changed on the final trading day of the year, as strength in the energy sector offset declines in materials shares, and looked set to follow other major markets to end the year in positive territory.
At 10:09 a.m. ET (15:09 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 6.23 points, or 0.03%, at 20,935.61, on track for a third consecutive weekly gain and a yearly increase of 7.94%.
The energy sector rose 0.3%, leading sectoral gains as crude prices gained.
The materials sector, which includes precious, base metals miners and fertilizer companies, was the worst hit, dropping 0.7% and over 4% during the year.
The index was weighed down by a dip in the prices of gold and copper as the dollar strengthened.
“It would seem the global economy is due to slow down even further in the first half of 2024, which means the bullish story for metals that some are putting out may have to wait a while,” said Malcolm Freeman, CEO at Kingdom Futures.
Comments
Comments are closed.