Jan 2 (Reuters) – Canada’s main stock index rose to a two-week high on the first trading day of the year, as rising gold and oil prices boosted commodity-linked sectors.
The S&P/TSX composite index (.GSPTSE), rose 0.9% to 24,949.52 points – its strongest level since December 18.
The TSX ended 2024 with gains of nearly 18%, its best annual performance since 2021, as monetary policy easing by major central banks increased optimism for economic growth.
All 11 sectors rose on Thursday, with gold miners (.SPTTGD), and material stocks (.GSPTTMT), in the lead.
“2024 was a largely policy-driven market,” said Shiraz Ahmed, senior portfolio manager and founder of Sartorial Wealth at Raymond James.
“We export a lot of goods to the United States. So if the U.S. as a consumer is doing well, then Canada typically does reasonably well. That being said, if there are tariffs, that could change the game for 2025.”
The prospects of fewer rate cuts by the…
